Information on financial intermediaries and beneficial owners

according to Article 41 of the InvestEU Fund implementation agreement

Guarantee Agreement under the ICO InvestEU Fund

In 2023, the Official Credit Institute (ICO) signed a guarantee agreement with the European Commission under the InvestEU Fund, with the aim of mobilising investment in key sectors for Spain's economic and social development. Following several extensions in December 2023 and March 2025, under this agreement the ICO manages a total of €518 million in potential investment, backed by the InvestEU portfolio guarantee (Indirect Operation).

These funds are channelled through two financial products, corresponding to different public policy lines:

  • ICO SIW Intermediated Equity

(Sustainable Infrastructure Window): ~€250 million
Indirect investment in specialised funds driving green, digital and energy infrastructure and the strategic industrial ecosystem in Spain.

  • ICO SISW Intermediated Equity

(Social Investments and Capacities Window): ~€268 million
Investment in social and affordable rental housing projects, mostly through private investment vehicles, aimed at responsible and sustainable development.

Financial product: ICO - Sustainable Infrastructure and its Industrial Ecosystem (SIW)

  • InvestEU policy window: Sustainable Infrastructure Window (SIW).
  • Objective: Mobilise private investment in sustainable infrastructure (green, digital, energy, industrial) in Spain.
  • Total amount invested: €250 million.
  • Estimated amount of investment:  50% (€125 million).
  • Financial instrument: Indirect investment via specialised funds.
  • Status: Ongoing.

Financial product: ICO - Social Infrastructure (SISW)

  • InvestEU policy window: Social Investments and Skills Window (SISW).
  • Objective: Promote the development of social and affordable rental housing in Spain, through funds managed by entities with predominantly private capital.
  • Extended Guarantee Agreement: 2025 (addendum to the original agreement).
  • Estimated amount of investment: up to €268 million.
  • InvestEU guarantee coverage: 50% (EUR 134 million).
  • Financial instrument: Indirect investment via social impact funds.
  • Status: In formalisation phase.