Raiffeisen Bank, Spain’s Official Credit Institute (ICO), and the Spanish export credit agency Cesce have signed a €20 million financing agreement aimed at supporting projects involving Spanish businesses in Ukraine.
The Ukrainian bank’s press service reported this.
The financing will be provided through Raiffeisen Bank and backed by a state guarantee from Cesce, which covers 99% of political, commercial, and other risks associated with the transaction.
“This mechanism expands opportunities for financing business projects amid elevated risks, while also contributing to the development of international trade, investment, and the activities of Spanish companies in Ukraine,” the statement said.
Under the agreement, the financing will support projects involving Spanish companies that are already operating in Ukraine or planning to launch new initiatives in the country. These include projects in infrastructure, energy, transport, engineering, and technology sectors that will contribute to Ukraine’s economic recovery.
The agreement also expands opportunities within the ICO International Channel Facility program, through which ICO cooperates with local and international financial institutions. This approach makes financing more accessible for businesses by leveraging the expertise of partner banks in local markets.
In addition to the financing agreement, Raiffeisen Bank and ICO signed a Memorandum of Understanding outlining the framework for further cooperation between the institutions.
The document provides for the development of new financial instruments and co-financing programs, the exchange of expertise, and the development of joint initiatives to support business projects contributing to Ukraine’s recovery and modernization. The memorandum also creates a foundation for expanding cooperation between the institutions in areas of mutual interest.
About ICO
Instituto de Crédito Oficial (ICO) is Spain’s state development bank operating under the Ministry of Economy, Trade and Enterprise. ICO finances small and medium-sized enterprises, large investment projects, and supports the international activities of Spanish businesses, contributing to sustainable economic development.
About Cesce
Cesce is Spain’s state export credit agency. The company provides insurance and guarantee instruments to support exports, international trade, and investment, helping Spanish companies expand their activities in global markets.
