Instituto de Crédito Oficial

Spain’s public credit institution

The Instituto de Crédito Oficial (ICO) is a Spanish public institution attached to the Ministry of Economy and Digital Transformation. It finances investment projects and liquidity needs for self-employed professionals, small and midsize businesses, and companies, and manages financial instruments on behalf of the Spanish government.

Financing programs

ICO offers financing through two main channels:

• Bank-mediated ICO credit lines: products offered through participating financial institutions. Programs include ICO Companies and Entrepreneurs, ICO SGR/SAECA Guarantees, ICO Commercial Credit, ICO Red.es Acelera, ICO International, ICO Exporters, ICO International Channel, ICO MRR Green, ICO MRR Companies and Entrepreneurs, and ICO MRR Housing.
• Direct financing: loans issued directly by ICO to businesses. ICO Growth is described as its first fully digital direct-financing tool for Spanish small businesses, supporting business operations and investment. Direct financing also includes bonds and promissory notes, venture capital through Axis, and guarantee programs.

Public funds and government programs

ICO manages public funds and instruments, including the Fund for the Internationalization of Spanish Companies, the Reciprocal Interest Adjustment Agreement, the Development Promotion Fund, and the Water and Sanitation Cooperation Fund. It also channels European resources through the InvestEU Guarantee Program and Spain’s Recovery Plan, including ICO Green PRTR, ICO Companies and Entrepreneurs–PRTR, and ICO Housing.

Investors and sustainability

ICO issues green and social bonds and publishes a framework for these offerings. Investor information includes issuance programs, benchmark bonds, credit ratings, presentations, and news. The institution also hosts the ICO Sustainable Bond Forum.

Governance and transparency

The website provides institutional information on ICO’s mission, responsibilities, strategy, investee companies, funds in which it participates, and agreements with other institutions. It outlines its organizational structure, governing bodies, and executive management. Published transparency resources include annual reports, key figures and activity indicators, and a transparency portal.

Recent activity and digital presence

ICO publishes press releases and newsletters. Recent items include its participation in €30.7 million of financing for Charging Together, a fast-charging network for electric vehicles in Spain and Portugal; approval by its General Council of the Spain Grows investment strategy; and staff recruitment notices.

ICO also operates ICO Axispart, Fundación ICO, and ICO Online, and is on X and YouTube.