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Instituto de Cédito Oficial (ICO), Spain  



   Member
 Instituto de Crédito Oficial is a credit institution, constituted in June 1971, with the status of the Spanish State’s Financial Agency. Its legal status is of a corporate state-owned entity attached to the Ministry of Economy through the Secretariat of State for the Economy; entered in the Special Administrative Register of the Bank of Spain.

  • Performance targets

    • To sustain and promote any economic activities which contribute to the growth and to the improvement of the distribution of national wealth; in particular, those which, because of their social, cultural, innovative or ecological significance, should receive priority attention. These activities are performed by ICO in its twofold function of Specialised Credit Institution and the State’s Financial Agency.

    Targets and main activities:

    - Enhance investments by small and medium-sized enterprises (SME)
    - Back the development of large-scale investment projects in Spain
    - Facilitate technological innovation
    - Upgrade the Spanish film industry
    - Promote rented housing and Land Development
    - Boost the internationalisation of Spanish SME
    - Stimulate large-scale investments by Spanish enterprises abroad
    - Foster exports and official development aid
    - Reinforce the financial mechanisms of venture capital and warranty
    - Promote investments in renewable energy sources

    Performance principles
    As a state-owned financial institution, ICO acts in accordance with the principle of financial balance. It works alongside other financial institutions, meeting the financing needs which the private system does not cover or does so only in part.

    Functions
    1. As specialised credit institution: provide medium and long-term financing for productive investments by enterprises established in Spain. In this area, ICO operates in two ways:
  • Second-floor facilities: funds are distributed by using banks and savings banks as intermediaries.

  • Direct operations: enterprises apply directly to ICO for financing.


    • 2. As the State’s Financial Agency: the provision of financing, on the Spanish government’s express instructions, for victims of serious economic crises, natural disasters or similar situations. In these cases, ICO operates once the public funds have been allocated and/or through the compensation of interest rate spreads. In addition, ICO manages official financing instruments for export and development.


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