ICO, Cesce and Raiffeisen Bank Ukraine partner to support projects involving Spanish companies in Ukraine
15 July 2026
- Under the ICO International Channel Facility, €20 million will be channelled through Raiffeisen Bank Ukraine to finance projects involving Spanish companies that contribute to the recovery and modernisation of the Ukrainian economy.
- The transaction is backed by a State-account guarantee provided by Cesce.
- ICO and Raiffeisen Bank Ukraine have also signed a Memorandum of Understanding to promote new financing and co-financing initiatives in areas of mutual interest.
The Official Credit Institute (ICO), Cesce and Raiffeisen Bank Ukraine have signed a €20 million financing agreement under the ICO International Channel Facility. The transaction is backed by a State-account guarantee provided by Cesce. The financing will help facilitate investment projects that contribute to Ukraine’s economic recovery and modernization.
The signing ceremony was presided over by Carlos Cuerpo, First Deputy Prime Minister and Minister of Economy, Trade and Business of Spain, and Oleksii Sobolev, Minister of Economy, Environment and Agriculture of Ukraine. The ceremony was also attended by 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 in Ukraine, while also addressing investment needs related to the country’s recovery and modernization.
The transaction reinforces Spain's support for Ukraine's economic recovery while expanding the range of financial instruments available to facilitate the participation of Spanish companies in projects across sectors such as infrastructure, engineering, energy, transport and technology.
With this agreement, ICO further expands the scope of its International Channel Facility, through which it channels financing to companies with Spanish interests in cooperation with local and international financial institutions. By working with trusted local financial institutions, 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.
This guarantee will strengthen the financing capacity for business projects in an environment that requires dedicated risk mitigation instruments. It will also facilitate transactions related to foreign trade, investment and the activities of Spanish companies in Ukraine, supporting and promoting their internationalisation.
Memorandum of Understanding to strengthen cooperation
Alongside the financing agreement, ICO and Raiffeisen Bank Ukraine have signed a Memorandum of Understanding (MoU) aimed at strengthening cooperation between the two institutions and promoting new avenues for financial collaboration in support of business projects of mutual interest.
The Memorandum establishes a framework for cooperation to facilitate the exchange of information and expertise and to explore future initiatives supporting the participation of Spanish companies in Ukraine's recovery and modernisation process.
About Raiffeisen Bank Ukraine
Raiffeisen Bank Ukraine is one of the country's leading financial institutions and is part of Austria's Raiffeisen Bank International Group. The bank provides financial services to individuals, SMEs and large corporations, with activities spanning corporate finance and international trade finance.
Headquartered in Kyiv, its shareholders are Raiffeisen Bank International and the European Bank for Reconstruction and Development (EBRD). The bank also works closely with international financial institutions to implement programmes that support business activity and the modernisation of Ukraine's productive sector.
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.