​The ICO and the Council of Europe Development Bank will fund Spanish SME projects worth 600 million euros

News - 2017.6.21

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Within the framework of this agreement, the ICO will match the funds provided by the CEB with an equivalent amount, so the agreement is worth a total of 600 million euros.

The purpose of this loan, which the ICO will channel through its second-floor facilities, is to create and save jobs in SMEs and to improve their competitiveness. In Spain, small and medium size enterprises are responsible for 73% of all jobs, which is higher than the 68% average in Europe.

The loan agreed on Wednesday is the fourth of loans of this type agreed between the two institutions. In each of these transactions, the Institute committed to matching the amount provided by the CEB, so the total amount made available to SMEs and the self-employed by the two organisations is in excess of 2.3 billion euros.

About the Council of Europe Development Bank

The CEB, created in 1956, is the oldest multilateral financial institution in Europe. Its shareholders are its 41 European country members. The development bank funds social projects and responds to emergency situations, thereby helping to improve living conditions and social cohesion in the more economically disadvantaged regions of Europe. Its activities play a key role in the financing of social infrastructure.

About the ICO

The Official Credit Institute (ICO) is a public bank with the legal status of a public business entity, attached to the Ministry of Economy, Industry and Competitiveness through the Secretary of State for the Economy and Business Support. It has the legal status as a credit institution, while acting as a state financial agency. As a public bank the ICO grants loans to finance investment and liquidity transactions for enterprises, within and outside Spain, either through the intermediation of financial institutions or through direct financing. Meanwhile, as a state financial agency, the ICO manages official financing instruments provided by the Spanish State to promote exports and aid development.