Ukrainian reconstruction projects will gain greater access to Spanish financing, while Spanish companies will receive more opportunities to invest in Ukraine and insure related risks. Following the fifth meeting of the Ukrainian-Spanish Intergovernmental Commission on Economic and Industrial Cooperation, the two countries reached agreements on financial and insurance support worth €570 million and signed a series of documents aimed at developing economic and industrial cooperation.
The meeting was chaired by Ukraine’s Minister of Economy, Environment and Agriculture Oleksii Sobolev and Spain’s First Deputy Prime Minister, Minister of Economy, Trade and Enterprise Carlos Cuerpo. A delegation of 50 Spanish companies arrived in Kyiv together with Carlos Cuerpo. During the two-day program, government officials and business representatives discussed investment projects and the participation of Spanish companies in Ukraine’s reconstruction.
“Spain is consistently transforming its political support for Ukraine into practical solutions for business and reconstruction. The total volume of financing and insurance coverage under these initiatives will increase to €570 million. Our task now is to connect these opportunities with specific Ukrainian projects and establish long-term partnerships between companies from our countries,” said Oleksii Sobolev.
Following the meeting, the sides agreed that:
- Spain’s state export credit insurance agency Cesce will increase its risk coverage limit for operations in Ukraine to €250 million. The insurance coverage will help Spanish companies supply equipment, technologies and services to Ukraine, as well as participate in investment projects.
- Spanish development finance institution COFIDES will manage a new €100 million credit line to support investment projects by Spanish private sector companies in key sectors of Ukraine’s economy.
- Spain’s Fund for the Internationalization of Spanish Companies (FIEM) will provide up to €200 million in financing for Ukraine. The instrument includes up to €100 million in repayable financing and up to €100 million in grant support for projects implemented by Spanish companies.
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Oleksii Sobolev and Carlos Cuerpo also signed a Joint Declaration of Intent on supporting Ukraine’s industrial recovery and resilience. The document confirms the intention of both countries to deepen cooperation within the framework of Ukrainian President Volodymyr Zelensky’s “Industrial Ramstein” initiative, aimed at restoring, modernizing and strengthening the resilience of Ukrainian industry.
The document reflects the shared vision of both countries regarding partnerships between companies, facilitating the supply of industrial equipment, technologies and related services, as well as supporting projects aimed at increasing the competitiveness of Ukrainian producers and integrating them into European value chains.
During the Commission meeting, the Spanish-Ukrainian Business Forum was also held, where financial institutions, industrial associations and companies from both countries reached the following agreements:
- Spain’s state development bank Instituto de Crédito Oficial (ICO) and Raiffeisen Bank Ukraine signed a Memorandum of Understanding and a financing agreement;
- The Ukrainian Research Institute of Railway Engineering and Spanish company Ibertest signed a Memorandum of Understanding on cooperation in railway equipment testing;
- Spanish industrial association SERCOBE and the Federation of Employers of Ukraine signed a cooperation memorandum to promote partnerships between Ukrainian and Spanish industrial companies.
