ICO and the Brazilian bank BNDES sign a new financing agreement of up to 200 million dollars to support the activity of Spanish companies in Brazil
13 May 2025
- This is the third agreement that both entities have signed to promote sustainable and digital economic growth of companies and projects with Spanish interest in Brazil
- The signing of this agreement took place during the 55th General Assembly of the Latin American Association of Development Finance Institutions (ALIDE) in the Dominican Republic
The President of the Official Credit Institute (ICO), Manuel Illueca, the Manager Cristina Blaso Banal da Silva and the Executive officer Helena Tenorio Veiga de Almeida of the Brazilian Development Bank BNDES, have signed a financing agreement for a maximum amount of USD 200 million, aimed at promoting projects of companies with Spanish interest and activity in Brazil and boosting trade relations between the two countries.
The agreement, signed in the margins of the ALIDE 2025 annual meeting, aims to provide funding for projects that facilitate the ecological transition, promote energy efficiency, sustainable transport and industrial decarbonisation. Projects that promote digitisation to boost the competitiveness and productivity of businesses, as well as the creation of quality jobs, may also be funded.
This new agreement is the third signed between ICO and Banco Nacional de Desenvolvimento Económico e Social (BNDES) of Brazil, and will consolidate the ICO International Channel Line in this country.
The two previous agreements between ICO and BNDES have mobilised up to USD 400 million to support 16 projects in sectors such as electricity, gas and water production/distribution, construction and transport and storage. Five of these projects can be classified as environmentally sustainable under the EU Sustainability Taxonomy (corresponding to the wind farm and telecommunications network sectors).
Spanish companies, current BNDES clients and other foreign companies that do business with Spanish companies will be able to apply for financing thanks to the agreement signed today, thus expanding the potential beneficiaries of ICO financing. Spain and Brazil have a strong commercial relationship, with around 300 Spanish companies established or operating in Brazil, according to ICEX. Moreover, according to the Datacomex database (Ministry of Economy, Trade and Enterprise), in 2024 exports of Spanish companies to Brazil exceeded 3,234 million euros.
ICO International Channel Line
The aim of the ICO International Channel Line is to promote the activity and financing of projects of Spanish companies with an international presence in third markets, through intermediation with local financial institutions.
This programme transfers the operating scheme of the ICO Lines to multilateral, public promotional or private banks located abroad. In this way, the application procedures are made easier for companies and the added value of the financial institution's knowledge of the local market is incorporated as an added value. It also allows Spanish companies operating in third markets to finance their projects in local currency in the countries where they are being developed.
ICO International Channel Line has already mobilised 2,980 million euros, financing more than 552 projects of Spanish companies in third markets, especially in Latin America and the Caribbean (LAC).
About ICO
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.
ICO promotes the internationalisation of Spanish companies as one of its priority lines of action and actively contributes to the Strategy for the Internationalisation of the Spanish Economy 2021-2027. In 2024, it has mobilised 2,600 million euros in financing for Spanish companies' projects abroad.
About Banco Nacional de Desenvolvimiento Económico e Social (BNDES)
The National Bank for Economic and Social Development (BNDES) is Brazil's national bank for sustainable development, aimed at long-term financing and investment in different sectors of the Brazilian economy.
Since its foundation in 1952, the BNDES has played a key role in fostering the expansion of the country's industry and infrastructure. Throughout its history, its operations have evolved based on Brazil's socio-economic challenges, covering support for exports, technological innovation, sustainable socio-environmental development and modernisation of public management.
The Bank offers various financial support mechanisms to Brazilian companies of all sizes and public entities, enabling investment in all economic sectors. In all its activity, the BNDES bases its strategy on 3 factors: innovation, local progress and environmental development.
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