IBEROAMERICAN GUARANTEES NETWORK ASSOCIATION - REGAR

IBEROAMERICAN GUARANTEES NETWORK ASSOCIATION - REGAR

IBEROAMERICAN GUARANTEES NETWORK ASSOCIATION The REGAR Association is a nonprofit association established in Porto (Portugal) on 05.12.17. Operates as a Latin American Network since 1998. Recognized by the Ibero- American Conference of Heads of State and Government at the SUMMIT of Paraguay Registered with nº RRI / 002, on November 15, 2011, in the registry of Ibero-American Networks of the Ibero-American General Secretariat SEGIB.

On 27.09.17 the founding charter of the Association was signed in Bogotá (Colombia): Iberoamerican Network of Guarantees REGAR On 05.12.17 was established in Porto (Portugal) with 10 Founding Members from seven countries: Argentina México Perú Chile México Portugal Colombia México España México FONDO DE GARANTIAS BUENOS AIRES S.A., FOGABA S.A.P.E.M. de Argentina FONDO DE GARANTIAS PARA PEQUEÑOS EMPRESARIOS, FOGAPE de Chile FONDO NACIONAL DE GARANTIAS S.A., FNG de Colombia IBERAVAL SGR de España BANCO NACIONAL DE COMERCIO EXTERIOR SNC, BANCOMEXT de México FONDO DE ASISTENCIA TÉCNICA Y GARANTÍA PARA CRÉDITOS AGROPECUARIOS (FEGA) de México NACIONAL FINANCIERA Sociedad Nacional de Crédito SNC de México SOCIEDAD HIPOTECARIA FEDERAL Sociedad Nacional de Crédito SNC de México FUNDACIÓN FONDO DE GARANTÍA PARA PRESTAMOS A LA PEQUEÑA INDUSTRIA, FOGAPI de Perú SPGM, SOCIEDADE DE INVESTIMENTO, S.A. de Portugal It is open to new incorporations of both partners for the guarantee activity, as well as strategic and / or adherent associates from which the activity of REGAR will be governed and financed. Associates of Honor The Association is governed by its Statutes approved on December 5, 2017 in the city of Porto, Portugal, according to registration with the Number 233-A of the Notary Public of Ana Filipa Ferreira Maio de Menezes Falcão, for its Internal Regime Regulations and for all those rules that are applicable to it.

c Iberoamerican guaratee system observatory: Situation, trends and perspectives. Annually and as an observatory, is realized the statistical report of Iberoamerican guarantee system for provides general and sectorial information.

GUARANTEE SYSTEMS: A GLOBAL REALITY / NEED Internationally recognized reality The most developed countries used them more intensively. CGSs are heterogeneous, not homogeneus. Represent differents levels of safety, quality, effectiveness, impact and relevance Guarantee societies, legal. Guarantee societies, mutualist. Guarantee programs Without guarantee system Source: Own elaboration

AN OVERVIEW: GUARANTEE PORTFOLIO 2016 ($US MILLIONS) Europe AECM 15% Latinoamérica 4% Canadá 2% EEUU 21% 350.000,00 300.000,00 250.000,00 200.000,00 150.000,00 100.000,00 50.000,00 Indonesia, Thailandia y Malasia 3% Japan, Korea and Taiwan 55% - JAPÓN, KOREA Y TAIWAN INDONESIA, THAILANDIA Y MALASIA EEUU EUROPA AECM LATINOAMÉRICA CANADA Source: Own elaboration

AN OVERVIEW: NUMBER OF GUARANTEE SMEs IN 2016 Latinoamerica 18% EEUU 7% Canada 0% Japón, Korea y Taiwan 18% 6.000.000 5.000.000 4.000.000 3.000.000 Europa AECM 20% Indonesia, Thailandia y Malasia 37% 2.000.000 1.000.000 0 JAPÓN, KOREA Y TAIWAN INDONESIA, THAILANDIA Y MALASIA EUROPA AECM LATINOAMERICA EEUU CANADA Source: Own elaboration

AN OVERVIEW: GUARANTEES IN PORTFOLIO / GDP 2016 0,0700 0,0600 0,0500 0,0400 0,0300 0,0200 0,0100 0,0000 Source: Own elaboration

DISTRIBUTION OF CGSs IN IBEROAMERICA MODELS 2017 Guarantee Socied. Sociedades Merc. societies, de Garantía y otras legal. ent. Mercantiles reg. Guarantee Sociedades Programas societies, de de Garantías mutualist. Mutualistas Guarantee Programas Sociedades programs de Garantías Mutualistas Without Sin Esquemas guarantee de de system Garantías o sin información disponible Source: Own elaboration 110 Iberoamerican guarantee entities or schemes (87 in Iberoamerica, 19 in Spain and 4 in Portugal)

GUARANTEE SYSTEMS IN LATINAMERICA COMPARISON IN LATINOAMERICA 2000-2017 2000 2005 2010 2013 2014 2015 2016 2017 VAR 16/17 VAR 00/16 SMEs stock 358.108 879.199 2.304.031 2.992.687 2.721.468 2.612.461 2.586.586 2.270.158-13,94% 533,93% Guarantee portfolio (US$ MILL) 2.258 4.836 18.785 26.790 25.707 22.081 21.779 21.896-1,39% 869,71% Credit portfolio (US$ MILL) 3.675 7.653 30.526 44.324 43.268 35.482 35.789 36.660 2,38% 897,55% SMEs stock 2.304.031 2.992.687 2.721.468 2.612.461 2.586.586 2.270.158 358.108 879.199 2000 2005 2010 2013 2014 2015 2016 2017 44.324 43.268 30.526 26.790 25.707 18.785 35.482 35.789 36.660 22.081 21.779 21.896 2.258 3.675 4.836 7.653 2000 2005 2010 2013 2014 2015 2016 2017 GUARANTEE IN PORTFOLIO (GP) (US$ MILLIONS) CREDIT IN PORTFOLIO (CP) (US$ MILLIONS) In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed Source: Own elaboration

EVOLUTION OF ACTIVITY IN LATINAMERICA 2008-2017 GUARANTEES PORTFOLIO (Thousands US$) 50.000.000 45.000.000 44.324.466 40.000.000 35.000.000 30.000.000 26.790.319 25.000.000 20.000.000 15.000.000 10.000.000 8.069.747 5.000.000 0 Recursos Own resources permanentes Garantías Guarantee portfolio vivas Saldo Creditde portfolio crédito In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

EVOLUTION OF ACTIVITY IN LATINAMERICA 2008-2017 SMEs 3.500.000 3.000.000 2.992.670 2.500.000 2.000.000 1.500.000 1.509.984 1.000.000 500.000 0 1998 2000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Saldo SMEs stock PYMEs Número SMEs year PYMEs año In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

EVOLUTION OF ACTIVITY IN LATINAMERICA 2008-2017 GUARANTEES PORTFOLIO (Thousands US$) 10.000.000 9.297.717 9.000.000 8.000.000 7.359.885 7.000.000 6.000.000 5.000.000 4.000.000 3.000.000 2.000.000 1.000.000 0 4.948.116 4.630.869 1.609.372,00 684.824 201.987 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 México America Central Brasil Colombia Chile Argentina Resto America del sur In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

EVOLUTION OF ACTIVITY IN LATINAMERICA 2008-2017 CREDIT PORTFOLIO (Thousands US$) 18.000.000 16.000.000 16.480.987 14.000.000 12.000.000 12.932.757 10.000.000 8.000.000 7.860.339 6.000.000 6.850.061 4.000.000 2.000.000 368.501 2.070.939 1.621.630 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 México America Central Brasil Colombia Chile Argentina Resto America del sur In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

EVOLUTION OF ACTIVITY IN LATINAMERICA 2008-2017 OWN FOUND / EQUITY (Thousands US$) 4.000.000 3.500.000 3.418.613 3.000.000 2.500.000 2.000.000 1.742.873 1.500.000 1.000.000 851.061 1.076.581 500.000 194.262 300.790 734.206 0 2008 2009 2010 2011 2012 2013 2014 2015 2.016 2017 México America Central Brasil Colombia Chile Argentina Resto America del sur In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

EVOLUTION OF ACTIVITY IN LATINAMERICA 2008-2017 STOCK SMEs 1600000 1.456.437 1400000 1200000 1000000 972.680 800000 600000 400000 200000 118.357 26.859 302.167 223.742 192.196 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Mexico America Central Brasil Colombia Chile Argentina Resto America del sur In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

EVOLUTION OF ACTIVITY IN LATINAMERICA 2008-2017 GUARANTEES IN THE YEAR (Thousands US$) 8.000.000 7.000.000 6.000.000 6.713.427 6.398.193 5.000.000 4.000.000 4.175.006 3.000.000 3.411.185 2.000.000 1,612,899 1.000.000 0 649.522 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 168.429 Mexico America Central Brasil Colombia Chile Argentina Resto America del sur In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

EVOLUTION OF ACTIVITY IN LATINAMERICA 2008-2017 CREDIT IN THE YEAR (Thousands US$) 18.000.000 16.000.000 15.570.514 14.000.000 12.000.000 10.000.000 8.000.000 8.881.770 6.661.477 6.000.000 4.000.000 5.100.998 2.000.000 1.693.529 1.642.256 0 Crédito año 318.763 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mexico America Central Brasil Colombia Chile Argentina Resto America del sur En Mexico no se dispone de datos de FINANCIERA RURAL SAGARPA y desde 2016 sin datos del sistema SGR de Venezuela En Mexico los beneficiarios en los esquemas agrícolas son mucho mas numerosos. Son operaciones de intermediario las que se computan

EVOLUTION OF ACTIVITY IN LATINAMERICA 2008-2017 SME IN THE YEAR 900.000 800.000 777.194 700.000 600.000 500.000 438.057 400.000 300.000 200.000 100.000 0 176.115 83.079 107.801 68.864 13.749 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Mexico America Central Brasil Colombia Chile Argentina Resto America del sur In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

% DISTRIBUTION ATTENDING THE GUARANTEES SYSTEM YEARS OF WORK (2017) 35,48% 40,0% 25,81% 35,0% 30,0% 35.49% of the guarantee systems are less than 10 years old and 48.39% less than 15 years old. 25,0% 20,0% 16,13% 15,0% 9,68% 12,90% 10,0% 5,0% 0,0% <5 years 5-9 years 10-14 years 15-25 years >25 years Fuente: Elaboración propia

% DISTRIBUTION ATTENDING TO ENTITIES, GUARANTEE PORTFOLIO, STOCK SMEs AND CREDIT PORTFOLIO 2017 (LATINAMERICA) Nº ENTITIES Mexico 4,60% Central America 9,20% GUARANTEE PORTFOLIO Mexico 33,60% South America 86,20% South America 65,50% Central America 0,90% Nº SMES STOCK Mexico 8,97% Central America 4,37% CREDIT PORTFOLIO Saouth America 54,42% Mexico 44,96% South America 86,66% Central America 0,62%

AGRICULTURAL GUARANTEE SYSTEMS: ACTIVITY IN 2017

ACTIVITY GUARANTEE SYSTEMS: LATINAMERICA, SPAIN AND PORTUGAL 2017 2017 % Guarentee portfolio 3,8% 50,5% 0,5% 2007 16,6% 28,6% AMERICA DEL SUR MEXICO CENTRO AMERICA PORTUGAL ESPAÑA

ACTIVITY GUARANTEE SYSTEMS: LATINAMERICA, SPAIN AND PORTUGAL 2017 Iberoamerican geographical distribution 2017 In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

GUAANTEE PORTFOLIO 2017 (millions US$) MEXICO (4) EL SALVADOR (4) COSTA RICA (3) HONDURAS (1) ARGENTINA (2) BOLIVIA (2) BRASIL (6) CHILE (4) COLOMBIA (2) ECUADOR (1) PERU (2) 0,00 1.000,00 2.000,00 3.000,00 4.000,00 5.000,00 6.000,00 7.000,00 8.000,00 136,02 37,64 28,33 12,43 14,94 28,67 1.609,37 3.858,80 4.123,57 4.661,69 7.359,89 Highlight México, Brazil, Colombia, Chile and Argentina. Spain and Portugal. URUGUAY (1) ESPAÑA (2) PORTUGAL (1) 24,78 4.171,77 5.428,51 In parentheses () number of schemes or guarantee systems in each country. Guarantee systems can have homogeneous guarantee entities In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

CREDIT PORTFOLIO 2017 (Thousands US$) MEXICO (4) EL SALVADOR (4) COSTA RICA (3) HONDURAS (1) ARGENTINA (2) BOLIVIA (2) BRASIL (6) CHILE (4) COLOMBIA (2) ECUADOR (1) PERU (2) URUGUAY (1) ESPAÑA (2) PORTUGAL (1) 0 2000000 4000000 6000000 8000000 10000000 12000000 14000000 16000000 18000000 74.859 78.007 75.822 14.752 31.824 138.295 63.608 1.621.630 3.964.792 6.164.967 5.534.819 6.380.437 8.270.256 16.480.987 Highlight México, Colombia, Brazil, Chile and Argentina. Portugal and Spain In parentheses () number of schemes or guarantee systems in each country. Guarantee systems can have homogeneous guarantee entities In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

STOCK SMEs 2017 MEXICO (4) EL SALVADOR (4) COSTA RICA (3) HONDURAS (1) ARGENTINA (2) BOLIVIA (2) BRASIL (6) CHILE (4) 0 200.000 400.000 600.000 800.000 1.000.000 1.200.000 1.400.000 4.495 19.660 24.671 2.760 75.077 203.681 177.317 427.416 Highlight Colombia, Brazil, México, Chile and El Salvador. Spain and Portugal. COLOMBIA (2) ECUADOR (1) PERU (2) URUGUAY (1) ESPAÑA (2) PORTUGAL (1) 687 5.183 2.118 58.567 52.714 1.327.093 In parentheses () number of schemes or guarantee systems in each country. Guarantee systems can have homogeneous guarantee entities In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

GUARANTEE PORTFOLIO / PIB 2017 Guarantees in Portfolio/GDP MEXICO (4) EL SALVADOR (4) COSTA RICA (3) HONDURAS (1) ARGENTINA (2) BOLIVIA (2) BRAZIL (6) CHILE (4) COLOMBIA (2) ECUADOR (1) PERU (2) URUGUAY (1) SPAIN (2) PORTUGAL (1) 0,00 0,00 0,00 0,01 0,01 0,01 0,01 0,01 0,02 0,02 0,02 0,0007 0,0003 0,0001 0,0001 0,0004 0,0012 0,0025 0,0023 0,0041 0,0055 0,0064 Highlight Chile, Colombia, México, El Salvador, Argentina and Brazil. Portugal and Spain 0,0133 0,0139 0,0192 GP/GDP 2017 In parentheses () number of schemes or guarantee systems in each country. Guarantee systems can have homogeneous guarantee entities In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

ANNUAL GUARANTEES PRODUCTION IN 2017 (Thousands US$) MEXICO (4) EL SALVADOR (4) COSTA RICA (3) HONDURAS (1) ARGENTINA (2) BOLIVIA (2) BRASIL (6) CHILE (4) COLOMBIA (2) ECUADOR (1) PERU (2) URUGUAY (1) ESPAÑA (2) PORTUGAL (1) 0 1.000.000 2.000.000 3.000.000 4.000.000 5.000.000 6.000.000 7.000.000 105.617 14.234 48.578 20.924 14.621 24.146 279.590 1.481.857 1.259.617 1.489.416 1.834.369 2.491.694 2.656.783 6.398.193 Highlight México, Colombia, Chile, Argentina and Brazil. Spain and Portugal In parentheses () number of schemes or guarantee systems in each country. Guarantee systems can have homogeneous guarantee entities In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

CREDIT PORTFOLIO IN 2017 (Thousands US$) MEXICO (4) EL SALVADOR (4) COSTA RICA (3) HONDURAS (1) ARGENTINA (2) BOLIVIA (2) BRASIL (6) CHILE (4) COLOMBIA (2) ECUADOR (1) PERU (2) URUGUAY (1) ESPAÑA (2) PORTUGAL (1) 0 2.000.000 4.000.000 6.000.000 8.000.000 10.000.000 12.000.000 14.000.000 16.000.000 136.342 37.875 3.000 4.913 31.257 46.447 1.467.294 1.452.486 1.314.785 1.338.427 2.977.979 3.695.838 4.934.953 15.570.514 Destacan México, Colombia, Chile, Argentina and Brazil. Spain and Portugal In parentheses () number of schemes or guarantee systems in each country. Guarantee systems can have homogeneous guarantee entities In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

STOCK SMEs IN 2017 MEXICO (4) EL SALVADOR (4) COSTA RICA (3) HONDURAS (1) ARGENTINA (2) BOLIVIA (2) BRASIL (6) CHILE (4) COLOMBIA (2) ECUADOR (1) PERU (2) URUGUAY (1) ESPAÑA (2) PORTUGAL (1) 0 100.000 200.000 300.000 400.000 500.000 600.000 1.472 617 495 18.717 11.039 7.153 1.141 25.046 19.813 48.675 52.639 85.723 141.072 Destacan Colombia, México, Chile, Brazil and El Salvador. Spain and Portugal 557.023 In parentheses () number of schemes or guarantee systems in each country. Guarantee systems can have homogeneous guarantee entities In Mexico there is no data on FINANCIERA RURAL - SAGARPA and since 2016 without data of the SGR system of Venezuela In Mexico the beneficiaries in the agricultural schemes are much more numerous. Intermediary operations are those that are computed

TRENDS AND PERSPECTIVES Future important growths and developments. Important expansion and high % growth Conduct impact evaluations. Implementation of regulatory frameworks And quality and efficient supervision. Integration of the financial system. Scoring and weighting of guarantees and national counter-guarantees in the mitigation of own resources and provisions for IFI S and CGSs. Continuity of the important role of the State in the implementation and development, coexisting with private participation which is growing and expanding in relevant. Guarantee program with an important boost to CGSs. It involves methods of capitalization and specific operational profiles Consolidation of the counter-guarantee on initiatives of multilateral, supranational Organizations and also national. Supranationals: extension of experiences such as FLAG, CAF, CII, FG MERCOSUR Nationals: FOGAPE, FG Brazil, CORFO, FOGAR, etc

PUBLICATIONS As an observatory, the statistics of the Ibero-American guarantee systems / schemes for general and sectoral information are carried out annually. REGAR in collaboration with the European Association of Guarantee Institutions AECM has carried out an activity survey whose results serve to perform comparative analyzes, from the individual situation of each entity or guarantee system, with the Latin American and European scope. In each Ibero-American Forum, a call for publications on "guarantees and financing" is published, whose works are published on the REGAR website. Among the contents of the REGAR Web there is a specific one to host those publications related to the guarantees that are of special interest. Since 2014, a specific scientific area has been dedicated in the Forums to try to encourage publications on guarantee systems in the scientific andacademic fields.

PUBLICATIONS In 2008 it was published the publication "The Iberoamerican Guarantee Systems : Experiences and Recent Developments", coordinated and directed by REGAR with ALIDE, which is an update of all guarantee schemes operating in 2008 realized by its own protagonists, Iberoamerican guarantees entities. This publication has a total of 491 pages, with 28 articles from authors of Iberoamerican guarantees schemes.. Under the XIX Iberoamerican Forum of. Guarantee Systems held on 18 and 19 September 2014, under the slogan "assurance systems face the challenge of growth and internationalization" in Valladolid and Madrid (Spain) was presented and I handed the I electronic edition of "guarantees Coletâneas 2014" publication made in that collaboration framework REGAR - SEBRAE. This 264-page publication contains a collection of 19 articles of which 15 are in Latin America and Spain and Portugal 4. Electronic edition of the publication "" Guarantee systems: keys for its implementation "Published in 2015 with the collaboration of AECA- SEBRAE-REGAR. Electronic edition of the publication "Conceptual framework for information on the outreach, additionality and financial sustainability of public credit guarantee systems." This publication of 117 pages by 4 authors has been edited by the collaboration of REGAR-ALIDE- AECM. Under the XXI Iberoamerican Forum of Guarantee System celebrated 20 and 21 October 2016, in Santiago (Chile), was presented and deposited the electronic edition of "Coletâneas de garantías 2016. A publication with 241 pages have a collection of 17 articles of 17 authors from different geographical areas that includes Iberoamerica, Europe, Asia and Africa.

IBEROAMERICAN GUARANTEE FORUM - México (México CF), 1999, con NAFIN - Oporto y Lisboa (Portugal), 2000, con SPGM - San Salvador (El Salvador), 2001, con BMI - Buenos Aires (Argentina), 2002, con GARANTIZAR, SGR - Lima (Perú), 2003, con FOGAPI - Cartagena de Indias (Colombia), 2004, con FNG, de Colombia - Valladolid (España), 2005, con IBERAVAL, SGR - Isla Margarita (Venezuela), 2006, con FONPYME - Santiago de Chile (Chile), 2007, con FOGAPE - Salvador de Bahía (Brasil), 2008, con SEBRAE - Lisboa (Portugal), 2009, con SPGM - México D.F., 2010, con Secretaría de Economía y NAFIN - San José (Costa Rica), 2011, con el Sistema de Banca para el Desarrollo, SDB - Buenos Aries (Argentina), 2012, con FOGABA y GARANTIZAR, SGR - Rio de Janeiro (Brasil), 2013 con SEBRAE - Logroño-Valladolid-Madrid (España) 2014 con IBERAVAL,SGR y AVALMADRID,SGR - Lima (Perú) 2015 con FOGAPI - Santiago de Chile (Chile) 2016 con FOGAPE BANCOESTADO - Bogotá (Colombia) 2017 con FNG de Colombia REGAR has organized uninterrupted, since 1998, together with the counterparts of the host countries, the successive editions of the Ibero-American Forum of guarantee systems. In 2018, the XXIII Forum will be held in the City of Porto, Portugal, in October 25-26.

ENLACE REGAR www.redegarantias.com

WHOEVER DOMINATES THE GUARANTEE DOMINATES THE CREDIT" PPOMBO@telefonica.net "The guarantee is essential to balance and make the necessary adjustments to the imbalances that regulation, technology and market produce in financing SMEs factor" Matthew Gamser, CEO Forum Finance SME, Mundial Bank Group, XX Iberoamerican forum 2015, Lima (Perú). REGAR