ICO and BBVA in Peru to channel US$150 million into projects with Spanish interest
29 April 2026
- The financing will be channelled through ICO International Channel Facility, under a new agreement signed between ICO and BBVA in Peru, further strengthening the collaboration between the two institutions.
- The agreement will promote new business projects with Spanish interest in strategic sectors such as energy, manufacturing, transport and digitalisation
Instituto de Crédito Oficial (ICO) and BBVA Peru have signed a new financing agreement for an amount of up to US$150 million, within the framework of ICO International Channel Facility, with the aim of supporting investment, growth and export activity projects by companies with Spanish interest in Peru.
This is the fourth agreement of this kind between the two institutions and the tenth signed by ICO with an entity of the BBVA Group under this programme: four in Peru, three in Mexico, two in Colombia and one in Turkey.
Through the three previous agreements signed between ICO and BBVA in Peru, four projects have been financed for a total amount of €260 million, in sectors including electricity generation and distribution, gas, water and construction.
“The growth of a country depends on companies with vision and access to opportunities. That is why this alliance between BBVA and ICO will make it possible to channel financing into projects that modernise the economy, strengthen sustainability and generate employment. Our commitment is to continue being the strategic partner of those who seek to grow and transform Peru,”said Fernando Eguiluz, CEO of BBVA in Peru.
For his part, President of ICO, Manuel Illueca, stated that “this new agreement with BBVA in Peru strengthens ICO’s commitment to promoting business projects with Spanish interest in strategic markets for our economy, such as Latin America. Through the ICO International Channel Facility, we continue to support sustainability and digital transformation in the internationalisation processes of Spanish companies. This collaboration reflects our vocation to act as a benchmark financial partner in projects that promote a sustainable growth model.”
The new agreement, aligned with the sustainability and digital transformation objectives of the ICO Strategy 2022–2027 and with the priorities of the Recovery Plan and the Next Generation EU programme, will support initiatives in energy efficiency, renewable energy and sustainable mobility, as well as the financing of digital and technological projects. Business projects across all sectors will be supported, with particular focus on manufacturing, energy, services, infrastructure and transport, which are considered strategic for diversification and bilateral economic development.
From the perspective of the Peruvian financial institution, this alliance is part of BBVA’s global strategy to act as a catalyst for the transition towards a low-carbon economy and contributes to the Group’s new target of mobilising €700 billion in sustainable business between 2025 and 2029, further strengthening its leadership in responsible banking and sustainable investment in the markets in which it operates.
This agreement takes place in a context of growing economic relations between Peru and Spain. In 2025, Spanish exports to Peru exceeded €838 million, representing a year-on-year increase of 5.8%. The stock of Spanish investment in the country exceeds €5.1 billion, positioning Peru as one of the strategic markets for Spanish companies in Latin America.
About ICO and the ICO International Channel Facility
The Instituto de Crédito Oficial (ICO) is Spain’s National Promotional Bank, linked to the Ministry of Economy, Trade and Enterprise. With more than 50 years of experience, ICO has become a benchmark in business financing for internationalisation through instruments such as the ICO International Channel Facility, whose aim is to promote the activity of projects by Spanish companies with an international presence through intermediation with local financial institutions.
Through this facility, ICO has mobilised more than €3.9 billion and financed over 600 projects in third markets, including Latin America and the Caribbean, the United States, Turkey and North Africa. In recent months, agreements have been signed to extend this programme to new markets such as Morocco, Turkey and Portugal.
About BBVA Peru
BBVA is a global financial group founded in 1857. The Group is present in more than 25 countries, holds a leading position in the Spanish market, is the largest financial institution in Mexico, and has leading franchises in South America and Turkey.
Through its activity, BBVA contributes to the progress and wellbeing of all its stakeholders: shareholders, customers, employees, suppliers and society as a whole. In this regard, BBVA supports families, entrepreneurs and companies in their future plans, helping them to take advantage of the opportunities offered by innovation and sustainability. BBVA also offers its customers a differentiated value proposition, underpinned by technology and data, helping them to improve their financial wellbeing by providing personalised information to support financial decision-making.