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. It is a credit institution and the State Finance Agency, with its own legal status, assets and treasury, as well as an independent management to fulfill 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 the growth and develop­ment of the country and to improve 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. In 2020, ICO became Implementing Partner of the EC.

State-Owned Bank

As a state-owned bank, ICO provides financing for investment operations inside and outside of Spain, in three ways:

  • On-lending facilities: ICO designs and sets the main features of the different credit facilities and signs the correspond­ing collaboration agreements with the financial institutions for them to be distributed through their networks. These facilities are mainly directed at the self-employed and SMEs. ICO sets the amounts of each credit facility, the pur­pose of the loans, the interest rates and repayment terms, and provides the funds to the financial institutions. The latter bear the risk on final beneficiaries and decide the guarantees to be provided.
  • Direct funding: Corporate and structured finance for large projects involving pro­ductive, public or private investments. Loans are taylor made to match the company's needs, with a notional minimum amount of €10 million and long repay­ment terms. Companies shall approach ICO directly. Funding is granted preferably in collabo­ration with private or public entities, whether national, international or mul­tilateral. ICO also provides guarantees for international projects and for Spanish companies participating in international tenders. As Implementing Partner of the Commission, ICO also provides blending financing linked to European programmes such as CEF or other RRF/NGEU national programs, as well as invests in sustainable infrastructure funds with the InvestEU support.
  • Private-venture Capital. ICO provides equity and mezzanine financing to a wide variety of companies and projects through Axis, its funds manager subsidiary.

Finance Agency

As a State Financial Agency, ICO manages the official funding instruments on behalf of the Spanish state, through which it encour­ages exports and development aid. 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, or managing guarantee relief schemes (such as Covid) . For these operations ICO does not bear the risk and acts 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