Spain Joins InvestEU Export Credit Guarantee to Boost Spanish-Ukraine Trade and Reconstruction

Spain Joins InvestEU Export Credit Guarantee to Boost Spanish-Ukraine Trade and Reconstruction

(IN BRIEF) Spain has joined nine other EU countries in the InvestEU Ukraine Export Credit Guarantee Facility, signing on via Cesce and ICO/FIEM to support Spanish SMEs and mid-caps exporting machinery, construction materials, technologies, and services to Ukraine. Backed by a €300 million EIF guarantee—with Spain’s first tranche at €40 million—the programme covers financing losses and encourages cross-border trade. Key figures including EIB President Nadia Calviño, Trade Secretary Amparo López Senovilla, Cesce’s Pablo de Ramón-Laca, ICO’s Manuel Ilueca, and Ukrainian Deputy Prime Minister Yulia Svyrydenko highlighted the initiative’s role in Ukraine’s reconstruction, economic integration, and eventual EU accession.

(PRESS RELEASE) LUXEMBOURG, 15-Jul-2025 — /EuropaWire/ — Spain has become the tenth EU member to join the InvestEU Ukraine Export Credit Guarantee Facility, bolstering efforts to sustain and expand trade with Ukraine. Under this new cooperation, Spanish export credit agency Cesce and the Official Credit Institute (ICO)—on behalf of Spain’s Fund for Enterprise Internationalization (FIEM)—have signed a letter of intent to provide guarantees for Spanish exporters shipping goods and services to Ukraine. Backed by a €300 million guarantee package from the European Investment Fund (EIF), this initiative supports small and medium-sized enterprises (SMEs) and mid-caps across machinery, construction materials, advanced technologies, and critical services vital to Ukraine’s economy and reconstruction.

Since its inception in mid-2024, the facility has enabled national export credit agencies in nine EU countries—Denmark, Finland, France, Germany, Italy, Latvia, Romania, Slovakia, and Slovenia—to underwrite export risks in Ukraine. Spain’s participation unlocks an initial €40 million tranche for Cesce, channelled through its network of account managers and advisory services. The EIF guarantee will cover potential financing losses, giving Spanish exporters greater confidence as they pursue opportunities in Ukraine’s evolving market.

“This move is a powerful stimulus for Ukraine’s recovery, offering a win-win for both its economy and our exporters,” stated EIB Group President Nadia Calviño. “By strengthening the ‘Living Bridge’ between our markets, we pave the way for innovation and growth in medical sciences, infrastructure, and beyond.”

Spanish Secretary of State for Trade Amparo López Senovilla emphasized Spain’s steadfast support: “Our commitment to Ukraine’s reconstruction is unwavering. The combined backing from the EIF and FIEM will help us identify and finance projects that further Spanish companies’ participation in rebuilding Ukraine.”

Pablo de Ramón-Laca, Executive President of Cesce, added, “With the EIF’s guarantee, we can extend enhanced security and certainty to our exporters, deepening trade ties between Spain and Ukraine.” ICO President Manuel Ilueca echoed this sentiment: “The FIEM, managed by the Secretary of State for Trade with ICO as financial agent, will leverage this innovative programme to boost Spanish exports and investments in Ukraine’s recovery.”

European Commissioner Valdis Dombrovskis noted, “This facility is a vital step in integrating the EU and Ukrainian economies—an essential element of Ukraine’s path to EU membership.” First Deputy Prime Minister and Minister of Economy of Ukraine Yulia Svyrydenko commented, “Sustainable economic partnerships based on trade and cooperation are key to our long-term resilience. We welcome the strong commitment of EU Member States to this strategic guarantee facility.”

Background information

The European Investment Fund (EIF)

The EIF is part of the EIB Group. It supports Europe’s SMEs by improving their access to finance through a wide range of selected financial intermediaries. The EIF designs, promotes and implements equity and debt financing instruments targeting SMEs. In this role, EIF fosters EU objectives in support of entrepreneurship, growth, innovation, research and development, the green and digital transitions and employment.

InvestEU

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for EU policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee of €26.2 billion. With the InvestEU mandate, European institutions – led by European Commission and EIB Group – aim to mobilise more than €372 billion of public and private investments to finance sustainable investment, innovation and job creation throughout Europe over the period 2021-2027.

Media Contacts:

EIB Group

Maite Cordero | m.corderomunoz@eib.org | Tel.: +34 606 66 82 62

Mónica Faro | m.faro@eib.org tel: +34 628 312 490

Website: www.eif.org — press@eib.org

SOURCE: European Investment Fund