The Council of Europe Development Bank (CEB) grants 300 million euro loan to ICO to fund Spanish SMEs
The Council of Europe Development Bank (CEB) and Instituto de Crédito Oficial (ICO) have agreed a 300 million euro loan to fund Spanish SMES. The agreement was signed by the Governor of the CEB, Rolf Wenzel, and the Chairman of ICO, Román Escolano.
The agreement, the first of its kind to be signed by these two institutions, is intended to improve access to credit by small and medium size companies for financing investment projects and to meet their liquidity needs. ICO will match the funds obtained from the CEB with an equivalent amount, bringing the total to 600 million euros, which will be distributed through ICO's second-floor facilities.
The agreement between these two institutions highlights the commitment of ICO and the CEB to create and preserve jobs in SMEs, which currently account for 99% of all businesses in Spain.
This will be the fourth loan arranged with an international body this year, alongside those previously signed with CAF, KfW and EIB.
About the Council of Europe Development Bank (CEB)
The CEB, created in 1956, is the oldest multilateral financial institution in Europe. Its shareholders are 41 member states. The Development Bank funds social projects and responds to emergencies, contributing to improving living conditions and social cohesion in the most economically disadvantaged regions of Europe. Its activities play a key role in funding social infrastructure.
As a state-owned bank, ICO grants loans to finance investments and provide liquidity to companies, both in Spain and abroad, either through intermediary financial institutions or directly.
Furthermore, as a state financial agency, ICO manages the official funding instruments that the Spanish state uses to promote exports and support development.