ICO and Santander Brasil sign a financing agreement of up to USD 300 million to promote sustainable economic growth in companies and projects with Spanish interest in Brazil

10 April 2025

  • This is the third financing agreement between the two institutions and the fifth between ICO and Santander Group in Latin America and the Caribbean
  • The operation is part of the “ICO International Channel Line” and will promote competitiveness, productivity and job creation through financial support for sustainable and digital projects, among others

The Official Credit Institute (ICO) and Santander Brasil, a subsidiary of the Santander Group, have signed a financing agreement for up to USD 300 million to foster the sustainable and digital economic growth in companies and projects with Spanish interest in Brazil.

Sustainable economic growth, job creation and digitalisation

This new agreement between ICO and Santander Brasil will foster financial support for sustainable business projects through public-private partnerships. In this way, the Official Credit Institute will continue to promote the development of sustainable finance and the green transition through financial support for areas such as energy efficiency, sustainable transport and industrial decarbonisation. 

Likewise, the agreement signed will channel financial resources towards digitalisation projects as one of the main vectors for promoting competitiveness and productivity among companies, as well as the generation of quality employment. 

Strengthened relationship between ICO and Santander Brasil

The signing of the new agreement underscores the good relationship between ICO and Santander's subsidiary in Brazil. The operation signed today is the third financing agreement reached by both institutions, and the fifth between the Institute and a Santander Group entity in Latin America and the Caribbean. 

ICO International Channel Line

The aim of the ICO International Channel Line is to support and promote the financing and activity of Spanish companies with international presence in third markets, through intermediation with local financial institutions. 

To date, the ICO has signed 47 financing agreements under this line, mobilising around 5 billion euros and supporting more than 550 projects by Spanish companies in third markets, mainly in Latin America and the Caribbean (LAC).

The ICO International Channel Line facilitates the application process for companies by incorporating the local market knowledge of the entity with which the agreement is signed. It also enables financing in local currency in the countries where the business activities or projects take place.

About Santander Brasil
Santander Brasil (SANB11) began its operations in the country in 1982 and, through more than 70 bank mergers and acquisitions, built competitive wholesale and retail structures. It is part of the Santander Group, one of the world’s largest banks by market capitalization, with a strong presence in ten key countries across Europe and the Americas. As the only international financial institution with a significant footprint in retail banking, it has over 56,000 employees and 2,200 branches and banking service points (PABs) serving nearly 70 million customers. Named Best Bank for ESG in Latin America by Euromoney in 2024, the bank is increasingly focused on promoting inclusive and environmentally responsible business practices. More information: www.santander.com.br.

About  ICO
The Instituto de Crédito Oficial (ICO) is the Spanish national promotional bank, attached to the Ministry of Economy, Trade and Enterprise. With more than 50 years of experience, ICO has become a benchmark in business financing that contributes to boosting sustainable economic growth, competitiveness and the digital transformation of the Spanish business fabric, in line with its 2022-2027 Strategy and the framework of the Recovery, Transformation and Resilience Plan.