ICO, Cesce and Raiffeisen Bank Ukraine partner to support projects involving Spanish companies in Ukraine
Raiffeisen Bank Ukraine, the Official Credit Institute (ICO) and Cesce have signed a €20 million financing agreement under the ICO International Channel Facility. Backed by a State-account guarantee provided by Cesce, the financing will support investment projects involving Spanish companies and contribute to Ukraine’s economic recovery and modernisation.
The signing ceremony was attended by Carlos Cuerpo, First Deputy Prime Minister and Minister of Economy, Trade and Business of Spain; Oleksii Sobolev, Minister of Economy, Environment and Agriculture of Ukraine; Fernando Salazar, Director General for International Business at ICO; Pablo de Ramón-Laca, Executive Chairman of Cesce; Natalia Gurina, Chairwoman of the Management Board of Raiffeisen Bank Ukraine; and Ruslan Spivak, Head of Institutional Clients, Investment Banking and Corporate Strategy Division at Raiffeisen Bank Ukraine.
The financing provided by ICO will be channelled through Raiffeisen Bank Ukraine to support projects involving Spanish companies already operating in Ukraine, as well as those planning to launch new initiatives in the country. The financing will address investment needs related to Ukraine’s recovery and modernisation, including projects in infrastructure, engineering, energy, transport and technology.
Raiffeisen Bank Ukraine has extensive experience supporting international businesses in Ukraine. Today, more than 30% of Spanish companies operating in the country are clients of the bank, providing a strong foundation for further investment and closer economic cooperation between Ukraine and Spain.
“International partnerships help create financial solutions that respond to business needs and contribute to economic recovery. Today’s financing agreement and Memorandum of Understanding mark a new stage of cooperation with our Spanish partners and expand opportunities for implementing projects in Ukraine. More than 30% of Spanish companies operating in the country are already clients of Raiffeisen Bank Ukraine, reflecting our strong expertise in supporting international businesses and understanding their needs. We value the trust of international financial institutions and will continue to develop instruments that help businesses invest, grow and plan for the future with confidence,” said Natalia Gurina, Chairwoman of the Management Board of Raiffeisen Bank Ukraine.
With this agreement, ICO further expands the scope of its International Channel Facility, through which it provides financing to companies with Spanish interests in cooperation with local and international financial institutions. By working with trusted local partners, the programme makes financing more accessible to businesses operating in target markets.
Financing backed by a Cesce State-account guarantee
The transaction is backed by a State-account guarantee provided by Cesce, covering 99% of the political, commercial and extraordinary risks associated with the operation.
The guarantee enhances access to financing for business projects by mitigating these risks. It will also support foreign trade, investment and the international activities of Spanish companies in Ukraine.
Memorandum of Understanding to strengthen cooperation
Alongside the financing agreement, ICO and Raiffeisen Bank Ukraine have signed a Memorandum of Understanding (MoU) to strengthen cooperation between the two institutions and explore new financing and co-financing opportunities in areas of mutual interest.
The Memorandum establishes a framework for exchanging information and expertise and developing future initiatives that support the participation of Spanish companies in Ukraine’s recovery and modernisation.
About Cesce
Cesce is the Spanish export credit agency. Through a wide range of insurance and guarantees, it supports Spanish companies in making their international activity safer and more competitive.
About ICO
Instituto de Crédito Oficial (ICO) is the national promotional bank of Spain, attached to the Ministry of Economy, Trade and Enterprise. ICO has become a benchmark in financing both SMEs and large investment projects and contributes to sustainable growth by promoting economic activities that, due to their social, cultural, innovative or environmental importance, are worthy of promotion and development.
