Spain became the tenth EU country to back a program that helps businesses keep trading with Ukraine during the war, with Spanish export credit agency Cesce and ICO signing up to the InvestEU Ukraine Export Credit Guarantee Facility today, according to a press release from the European Investment Fund (EIF).
The joint initiative between the European Commission and EIF gives Spanish companies guarantees when they export to Ukraine, with Cesce getting up to €40 million from the program’s total €300 million in backing. EIB Group President Nadia Calviño called it “a real boost for Ukraine’s recovery” and “a very important step for Spanish and European companies to be able to export to Ukraine and continue investing in the country when it matters most.” The program is expected to benefit more than 550 EU exporters across all participating countries.
The facility works by having national export credit agencies offer guarantees to small and medium companies that export to Ukraine, with the European Investment Fund backing those guarantees to share the risk. Spain joins Denmark, Finland, France, Germany, Italy, Latvia, Romania, Slovakia, and Slovenia in the program, with three more EU countries expected to sign up soon. The focus is on exports Ukraine needs for reconstruction—machinery, construction materials, advanced technologies, and critical services.
This marks the first collaboration between the EIF and Spain’s Cesce and ICO/FIEM to support Spanish companies wanting to export to Ukraine. EIF support will flow through Cesce’s network of account managers and advisory services available to Spanish small and medium businesses. The guarantee covers any financing losses that Cesce or ICO might face, making it safer for Spanish companies to do business with Ukraine during wartime.
Spanish Secretary of State for Trade Amparo López Senovilla emphasized that “Spain’s commitment to Ukraine is firm and permanent” and that the country is “determined to support the country in its reconstruction.” Cesce’s Executive President Pablo de Ramón-Laca said the EIF support “allows us to extend our support to Spanish companies, offering greater guarantees, security and confidence to our exporters.”
The program advances Ukraine’s efforts to integrate into the European single market and move toward EU membership. By making it financially safer for EU companies to trade with Ukraine, the facility helps keep the Ukrainian economy running while the country defends itself against Russian invasion.
