ICO clears up future for Chambers of Commerce

The government came to a decision yesterday that solves financing problems for Chambers of Commerce in Spain. The ICO, a state owned bank attached to the Ministry of Foreign Affairs and Compeitiveness and Spain's principal financial agency, will open a 100-million euro line of credit with attractive rates in order to boost liquidity for the Chambers, which are an integral part of business life in the country.The measure is temporary and will last only until government can find more stable financing methods. It is worth the effort to keep the Chambers of Commerce afloat because they are closely tied to national business.

Strengthening the country's network of Chambers of Commerce could boost economic competition, which will help small- and medium-sized businesses to increase their exports. The extent to which companies voluntarily join these Chambers will depend on how effective they can be in a changing economic scene.