Industrial Policy & Trade Monitor· 2667 actions· ✨ 89 recent

Romania's Government adopted Emergency Ordinance nr. 8/2026 on 24 February 2026, published in the Official Gazette (Monitorul Oficial) nr. 147 of 25 February 2026 and entering into force 1 March 2026, committing a EUR 5 billion (~RON 25 bn) horizontal economic-recovery and productive-investment envelope through 2032 structured around nine state-aid schemes, a 200% corporate R&D expense deduction (High-Tech Research Schema), a RON 1 bn Investment and Development Bank (BID) recapitalization, and a RON 1 bn EximBank export-credit allocation. The ordinance frames Romania's pivot "from consumption to investments as the engine of economic growth" and establishes a Strategic Investment tier (minimum RON 1 bn project value) qualifying for the highest-intensity state-aid eligibility, while introducing a 3% tax-compliance bonus and asset-expensing threshold raised to RON 5,000.

The People's Bank of China announced on 2026-01-15 that it is widening the scope of its Carbon Emission Reduction Support Tool (碳减排支持工具) to cover energy-saving retrofits, green upgrades, and energy green low-carbon transformation projects with direct carbon-reduction effects. The tool operates on a quarterly basis, providing one-year relending funds to financial institutions at below-market rates against qualifying green loans they extend, with total annual operation volume capped at CNY 800 billion (approximately USD 115 billion). PBOC sets each quarter's operation volume based on monetary-policy needs and financial institutions' actual lending to the newly-widened set of supported project categories.

At a 2026-01-15 State Council Information Office press conference, PBOC Deputy Governor and spokesperson Zou Lan announced eight structural monetary-policy measures, including a CNY 500 billion increase to the agriculture/small-business relending-and-rediscount facility (支农支小 再贷款), within which a new CNY 1 trillion private-enterprise relending line (民营企业再贷款) is carved out to target small and medium-sized private firms specifically. The PBOC also cut relending/rediscount rates across all structural tools by 0.25 percentage points effective 2026-01-19 (one-year relending rate down from 1.5% to 1.25%).

On 19 December 2025 the Shenzhen Municipal People's Government issued Notice 深府规〔2025〕10号, "Implementation Measures for Further Attracting and Utilizing Foreign Investment" (effective 1 January 2026 - 31 December 2028, superseding 深府规〔2024〕6号). The measures combine market-access steps (advanced-manufacturing FDI access, foreign biomedicine clinical trials, cross-border data-flow pilots) with tiered cash rewards for foreign direct investment: up to RMB 50 million/year (cumulative cap RMB 150 million) for large manufacturing FDI, RMB 5-8 million one-time awards for multinational regional/global headquarters, and up to RMB 6 million one-time awards for foreign-invested R&D centers. Global Trade Alert logged the same state act as two separate interventions split by sector tag.

KfW IPEX-Bank, the project- and export-finance arm of Germany's state-owned development bank KfW, announced on 17 December 2025 that it co-arranged a EUR 1.6 billion (approx. USD 1.88 billion) financing package for CEE RF9, a repowering fund managed by CEE Group (a Brookfield Asset Management-backed renewables asset manager), alongside UniCredit, CIBC, ING, SMBC and SEB. The financing funds equipment upgrades (more powerful turbines and PV modules) across at least 29 of CEE Group's 45 existing wind and solar plants in Germany, with individual plants also located in France, targeting a capacity increase from 457 MW to approximately 1.1 GW (a 140%+ increase) by 2030. Global Trade Alert separately logs the transaction as a "red"-flagged state-linked lending-support intervention (state act 95847 / intervention 151684).

KfW IPEX-Bank, the project- and export-finance arm of Germany's state-owned development bank KfW, announced on 16 December 2025 a EUR 150 million loan to Nowega GmbH, a Münster-based transmission system operator, to convert and expand its hydrogen infrastructure and develop biogas infrastructure. DekaBank co-financed a further EUR 30 million, bringing the total package to EUR 180 million. The financing supports converting existing high-pressure gas pipelines (part of Nowega's 1,500 km network) for hydrogen transport as part of Germany's national hydrogen core network (Wasserstoffkernnetz) build-out; KfW IPEX-Bank previously provided Nowega EUR 40 million for the same purpose in 2020. Global Trade Alert separately logs the transaction as a "red"-flagged state-linked lending-support intervention (state act 95711 / intervention 151431).

KfW IPEX-Bank, the project- and export-finance arm of Germany's state-owned development bank KfW, announced on 28 November 2025 that it structured earmarked, unsecured 19-year corporate financing in the "mid-three-digit-million" British pound range for MVV Energie AG's Medworth thermal waste treatment (energy-from-waste) plant under construction in Wisbech, Cambridgeshire, England — MVV's fourth UK plant and, at roughly EUR 500 million in total project investment, the largest single investment in MVV's history. Swiss Export Risk Insurance (SERV) covers the majority of the construction-phase buyer credit for the first time in an MVV financing. Global Trade Alert separately logs the transaction as a "red"-flagged state-linked financial-assistance-in-a- foreign-market intervention (state act 95518 / intervention 151093).

The Beijing Economic-Technological Development Area (BDA, also known as Yizhuang) Management Committee issued Notice 京技管发〔2025〕25号 ("Several Measures to Accelerate the High-Quality Development of Industrial Finance"), effective 11 November 2025 through 31 December 2028. It renews and supersedes the prior version (京技管发〔2024〕33号, issued 24 December 2024) of the same "industrial finance 20 measures" (产业金融二十条) program. The package subsidises the district's finance-for-industry ecosystem: newly licensed financial institutions receive capital-scaled grants (e.g. RMB 5 million + 1% of paid-in capital for institutions with RMB 100-300 million in capital, rising in tiers to a cap of RMB 60 million for larger institutions); branch-office openings receive RMB 2-4 million one-off grants; venture-capital fund managers receive rewards of 2-4% of capital deployed (capped at RMB 500,000/project); leasing and factoring firms with RMB 500 million+ capital receive 0.5% landing bonuses (capped at RMB 25 million); and tech-credit "risk compensation funds" reimburse partner banks for small/micro-enterprise loan losses. State media reporting on the program's prior iteration cited a maximum single-policy-item award of RMB 80 million. Global Trade Alert logged the underlying state act (95362) as a single "state aid, unspecified" intervention (150867).

Qatar Development Bank (QDB), operating under guidance from Qatar Central Bank and in partnership with national banks, unveiled the National Funding Gate (TAMKEEN) — a unified digital financing platform — alongside a revamped Credit Guarantee Program ("Al Dhameen") with an initial QAR 3 billion (approximately USD 824 million) allocation. The guarantee facility shares default risk with partner banks to expand financing access for Qatar-based private-sector companies, in line with the economic-diversification objectives of Qatar National Vision 2030.

On 1 September 2025, BNDESPAR (the equity-investment arm of Brazil's national development bank BNDES) launched the "Chamada de Clima" public call, committing up to BRL 5 billion (~USD 0.9bn) to select investment funds targeting ecological transformation and nature-based solutions. Up to BRL 4 billion is earmarked for up to five equity funds (FIPs) — three for ecological transformation (up to BRL 1bn each) and two for nature-based solutions (up to BRL 500m each) — with BNDESPAR capped at 25% of committed capital per fund. Up to BRL 1 billion is earmarked for up to two credit funds (FIDC/FIAGRO), with BNDESPAR capped at 50% per fund. BNDES's contribution is designed to catalyse roughly BRL 13 billion in private capital, for a total mobilised volume of ~BRL 18 billion. Proposals were due 20 October 2025; seven funds were ultimately selected (three ecological- transformation equity funds, two nature-based-solutions equity funds, two credit funds) advancing to due diligence.

On 29 August 2025 the Shanghai Municipal Commission of Commerce issued Notice 沪商外资〔2025〕271号 opening the 2025 annual application round for the Shanghai Multinational Corporation Regional Headquarters Development Fund, implementing the underlying scheme 沪商规〔2025〕3号 ("Measures to Support the Enhancement of Multinational Corporation Regional Headquarters," effective 1 March 2025 - 28 February 2030). The fund pays tiered one-time and multi-year cash awards, jointly financed by municipal and district fiscal budgets, to multinationals that establish or upgrade regional headquarters, global R&D centers, or corporate functions (finance, procurement, R&D) in Shanghai. Applications for the 2025 round were due 22 September 2025.

KfW IPEX-Bank, the project- and export-finance arm of Germany's state-owned development bank KfW, announced on 21 August 2025 a EUR 45 million financing package (a prolongation and increase of existing loans) to Duisburger Hafen AG (duisport), operator of the world's largest inland port. The funds finance investment measures in port infrastructure, including warehouse and terminal facilities. KfW IPEX-Bank classifies the deal as financing "in the European common interest" because duisport sits on the TEN-T core network; duisport is two-thirds owned by the German state of North Rhine-Westphalia and one-third by the City of Duisburg. Global Trade Alert separately logs the transaction as a "red"-flagged state-loan intervention (state act 97621 / intervention 155024).

The People's Bank of China announced on 2025-08-19 an additional CNY 100 billion (~USD 14 billion) in agriculture/small-business relending quota (支农支小再贷款), directing provincial branches to push financial institutions toward greater credit support for flood- and disaster-affected business entities in Beijing, Hebei, Jilin, Shandong and Gansu, with priority for micro/small enterprises, individual businesses, and agricultural and livestock operators. The facility lowers the effective cost of bank funding for the targeted borrower categories via below-market central-bank relending rather than a direct fiscal transfer.

Italy's national development bank Cassa Depositi e Prestiti (CDP) signed an agreement with Assifact, the Italian factoring industry association, to make available a EUR 1 billion "Plafond Factoring" dedicated to supporting liquidity for small and medium-sized enterprises and mid-cap companies operating in Italy. Banks and financial intermediaries draw on the CDP facility to acquire commercial credits from eligible companies (fewer than 250 full-time-equivalent employees for SMEs, fewer than 3,000 for mid-caps), providing short-term financing in pro-solvendo and/or pro-soluto factoring form. The measure is part of CDP's 2025-2027 Strategic Plan and follows over EUR 30 billion in similar liquidity plafonds CDP has deployed since 2009.

Japan Bank for International Cooperation (JBIC) signed the fifth investment credit line agreement with Bangkok Mitsubishi HC Capital Co., Ltd., the Thai subsidiary of Mitsubishi HC Capital Inc., announced 2025-06-27 (JBIC's Japanese-language press release is dated 2025-06-30). JBIC's own portion is USD 10 million, part of roughly USD 14 million in total co-financing with private financial institutions. The facility funds equipment finance leases that Bangkok Mitsubishi HC Capital extends to Thailand-based subsidiaries of Japanese small and mid-sized enterprises (SMEs), supporting their overseas business expansion. Previous iterations of this same credit line were signed in 2014, 2017, 2018 and 2023.

On 23 June 2025, BNDES president Aloizio Mercadante announced that BNDESPAR — the equity-investment arm of Brazil's national development bank — would resume direct variable-income (equity) investing after roughly a decade, committing up to BRL 10 billion (~USD 1.8bn) to companies and funds focused on ecological transition, decarbonization and innovation. The commitment splits into up to BRL 5 billion in direct equity investments (open to applicants through December 2025) and up to BRL 5 billion deployed via investment funds, funded from proceeds of BNDESPAR's sale of mature-company stakes and dividend receipts rather than new fiscal outlay. The bank framed the relaunch as strengthening Brazil's capital markets while directing state capital toward green-economy and innovation targets of all company sizes.

NIB, the multilateral development bank owned by the eight Nordic and Baltic member states, signed a five-year NOK 250 million (EUR 26 million) onlending facility with SpareBank 1 Helgeland, a regional savings bank in Helgeland County, northern Norway. The facility is part of NIB's Arctic Facility and finances onward lending to SMEs and smaller mid-cap companies across agriculture, aquaculture, real estate, and construction, as well as environmental projects in the region. It is the third loan agreement between NIB and the bank, following an earlier SME-only facility and a renewable-energy loan. NIB financing is priced at preferential development-bank rates relative to commercial project finance, functioning as a below-market state-backed subsidy channelled to regional SME lending.

The People's Bank of China announced on 2025-05-07 a CNY 300 billion (~USD 41.4bn) increase to its "支农支小" (support-agriculture, support-small-business) relending quota, taking the facility's total size to CNY 3 trillion. The move is intended to incentivise local corporate financial institutions to expand credit to agriculture-related, small/micro and private enterprises, and was announced alongside a cut to the relending rate and paired increases to PBOC's tech-innovation/equipment-renewal relending quota (+CNY 300bn to CNY 800bn) and a new CNY 500bn service-consumption/elderly-care relending facility, as part of a broader monetary-easing package unveiled at a State Council Information Office press conference.

On 6 May 2025 the European Investment Fund (EIF) and Danske Bank signed an InvestEU-backed guarantee agreement making up to EUR 178 million in fresh financing available to small and medium-sized enterprises (SMEs) and small mid-cap companies in Denmark, Sweden and Norway. The facility, rolled out before summer 2025, is split roughly 60% toward sustainability (renewable energy, energy efficiency) projects and 40% toward innovation and digitalisation, and follows a EUR 50 million EIF guarantee for Finnish green investments agreed with Danske Bank in 2024.