ICO receives a 200 million euro loan from KfW
The German bank KfW has granted a 200 million euro loan to Instituto de Crédito Oficial to fund Spanish SMEs.
Today's transaction is the second of this type to be arranged by the two banks this year. The first loan, of 800 million euros, was signed in July.
The collaboration between KfW and ICO in 2013 shows the commitment of the two institutions to promote access to finance for small and medium size companies, a key sector for maintaining and creating jobs. Some 99.8% of Spanish companies are SMEs, representing 62.9% of Spanish employees.
Founded in 1948 as a public-law entity, KfW is now 80% owned by the German Government and 20% by the federal states ("Länder"). KfW promotes sustainability, with special emphasis on protecting the environment. Its main functions are supporting small and medium size businesses, funding infrastructure, supporting exports and investment projects, and promoting and helping developing countries.
Instituto de Crédito Oficial (ICO) is a state-owned bank, attached to the Ministry of Economy and Competitiveness. Founded more than forty years ago, it has become a leading institution for funding projects by small and medium businesses, and for major investment projects by Spanish companies.