Spain to invest 1.5 billion in the "Juncker Plan" via ICO
Spain, via Instituto de Crédito Oficial (ICO), will invest around €1.5 billion to co-finance projects run by the European Fund for Strategic Investments (EFSI), the financial cornerstone of the Juncker Plan.
The European Union's investment plan, known as the Juncker Plan, seeks to mobilise €315 billion in additional investment over three years through strong leveraging. Its aim is to turn around the sharp decline in investment during the crisis and underpin the recovery.
The European Fund for Strategic Investments will be created to finance the Plan with contributions of €21 billion. The Fund will be supported by the European Commission and the European Investment Bank (EIB) and the EIB will also manage the Fund. The EFSI seeks to finance projects which, due to their nature, could not be financed by the EIB but which are of considerable interest due to their capacity to stimulate the European economy.
An independent Investment Committee at the EFSI will select projects based on their feasibility and economic appeal. Financing SMEs and strategic projects in key sectors such as transport, R&D+i and energy are the priorities.
ICO will take part in the Juncker Plan by co-financing projects of interest in Spain previously selected by the EFSI. It will also contribute its extensive technical experience and local knowledge.