ICO and the new Portuguese state-owned bank, IFD, collaborate to finance Spanish and Portuguese businesses
The Chairwoman of Instituto de Crédito Oficial (ICO), Irene Garrido, and the Chairman of the Executive Committee and the Chairman of the Management Committee of Institución Financiera de Desarrollo (IFD), José Figueiredo and Alberto Castro respectively, today signed a collaboration agreement to provide financial support to Spanish and Portuguese SMEs undertaking projects of common interest to both countries.
The agreement will enable them to cooperate in providing financial and non-financial services to Spanish and Portuguese SMEs by establishing the terms and conditions for financing, co-financing or underwriting investment projects of common interest. The agreement also establishes other areas of collaboration, such as knowledge transfers through secondments of personnel or participation in training courses.
ICO has worked closely and supported the Portuguese Government's efforts to set up and launch the IFD since December 2014. The signing of this agreement is testimony to ICO's commitment to the new Portuguese development bank.
Furthermore, this agreement reflects ICO's strategic objectives of supporting the internationalisation of Spanish businesses by financing joint projects with companies in other countries. ICO continues to foster close ties with counterpart institutions in other countries and to establish joint collaboration initiatives.
IFD is a public financial institution created in late 2014. It was founded to improve financing for the economy and businesses and to correct market failures in terms of access to financing for small and medium-sized companies and existing capital and quasi-capital instruments in Portugal.