The Minister of Treasury and Finance of the Basque Government, Christmas in Anjouannounced that Financing tools will be expanded participate in strategic companies, through the Basque Institute of Finance (IVF), an example of “a solid base of economic and financial autonomy”. In fact, he stressed that this entity will assume a greater role in the field of financing throughout this legislature. to “strengthen economic growth and the establishment companies”.
In the same spirit, the president of Kutxabank, Antón Arriola, expressed the urgency of creating a fund to defend Basque businesses before the arrival of the big one private equity in Euskadi. Both participated in the ‘XI Financial Conferences’, organized today by Deusto Business School.
D’Anjou highlighted the current and future role of IVF as from this Institute “financing tools will be developed in areas such as housing – particularly for young people -, the primary sector, training, culture or entrepreneurship”.
“We will activate resources in IVF such as Finkatuz analyze operations that may be of interest, with the ultimate goal of being able to participate in companies in strategic sectors for the country,” he summarized.
The Minister of Treasury and Finance recalled the presence of the IVF as a member of the Board of Directors of BasqueFIK, a financial and investment hub in Euskadi, to reaffirm the “outstretched hand of the Basque Government to contribute to the creation of a “union of financial forces” in Euskadi, to be able to add public resources to private initiatives and agents who demonstrate financial and investment capacity. Because I am convinced that we are all necessary to articulate the Basque financial strategy, in the manner of a sovereign fund.”
D’Anjou explained that his ministry will be “a key player in two areas that closely affect everyone present in this room today.” On the one hand, as a driving force so that, in collaboration with the Provincial Councils, “we can exploit the possibilities offered by the Basque Economic Agreement to make Euskadi more competitivein a globalized world.” And on the other hand, “to give financial policy the weight it needs to achieve the objectives we have set for ourselves,” he stressed.
Defend the Basque economy
For his part, the president of Kutxabank, Antón Arriolawas responsible for opening the aforementioned financial conferences, a moment which he took advantage of to demand new financial instruments to defend Basque industry and economy in the face of industrial rearmament in Europe.
“We are behind the big powers in industrial and technological terms, and here too in Euskadi It is necessary that we strengthen ourselves strategically to support the long-term growth of our industry,” Arriola said.
This is why he affirmed that the new Basque financial cluster must play a central role in promoting dialogue between the different financial agents, “but I consider it very urgent that we generate financial instruments capable of coping with the arrival of large investment fundsin many cases collaborating in their operations, but ensuring the roots of our companies.
Faced with this request, the president of BasqueFik, Jon Ander de las Fontesagreed that coexistence with these great private equity This will be necessary, but we must make them understand the need to accompany them from here in their operations in Euskadi.”
Another of the challenges of the financial cluster will be reactivate the exit of Basque companies from the capital market“We need to move the tree and diversify into the world of financing,” the executive said.
Sandy Begbie, Chairman of Scottish Financial Enterprise, shared his experience of how the Scottish financial sector has successfully transformed and reinvented itself in the face of significant historical challenges. He further explained the value of institutionalize the financial cluster to attract investments foreign companies and retain talent and productive capital.
