Instituto de Crédito Oficial

Instituto de Crédito Oficial, Spain

Instituto de Crédito Oficial, Spain

general information

ICO is a state-owned bank, attached to the Ministry of Economic Affairs and Competitiveness via the State Secretariat for Economy and Enterprise Support. From a legal point of view it is a credit institution, and is treated as a State Finance Agency, with its own legal status, assets and treasury, as well as an independent management to carry out its activities.

ICO finances itself on the national and international markets. The debts and obligations it enters into with third parties benefit from the explicit, irrevocable, unconditional and direct guarantee of the Spanish state.

ICO's aim is to promote economic activities contributing to growth, the development of the country and improving the distribution of the national wealth. Particularly, those activities of a social, cultural, environmental or innovative significance are awarded special attention.

These activities are performed by ICO in its twofold function of a state-owned bank and as the State Financial Agency.

State-Owned Bank

As a state-owned bank ICO provides loans to fund company investment operations inside and outside of Spain, and acts in two ways:

  • Second-floor facilities: ICO designs and sets the main characteristics of the different lines of credit, as well as signs the corresponding Collaboration Agreements with the Credit Institutions for them to be sold through their networks. These lines are mainly directed at the self-employed and SMEs. ICO determines the amounts of each line of credit, the purpose of the loans, the interest rates and repayment terms, and provides funds to financial institutions. The latter are in charge of analysing operations, deciding the guarantees that must be provided, deciding on the approval of funding and assuming the risks involved;
  • Direct funding: is corporate structured finance for large projects involving productive, public or private investments. Loans are designed to match the applicant company's needs, with a minimum amount of €10 million and long repayment terms. To apply for these loans companies need to go to ICO directly. Funding is granted preferably in collaboration with private or public entities, whether national, international or multilateral.

State Finance Agency

As a State Finance Agency ICO manages the official funding instruments that the Spanish state provides for encouraging exports and development aid, with the state compensating ICO for any costs these processes may entail.

This includes also ICO funding, on express instructions from the Government, for those affected by natural disasters, environmental disasters and other events of general interest. For these types of operations, ICO does not take on the risk and therefore acts only after public funds have been provided and/or through compensation of interest rate differentials.


Mr. Martín Larroque - International Relations Department

Paseo del Prado 4
28014 Madrid, Spain
Tel: +34 91 592 1577
Fax: +34 91 592 1668