Investment & Fund Management
European Investment Fund Partner
Full Credential Description
Spain's participation in the InvestEU Ukraine Export Credit Guarantee Facility marks a significant step in supporting trade with Ukraine amidst ongoing challenges due to the war. The Spanish export credit agency Cesce, in collaboration with ICO, signed a letter of intent to join this initiative, which aims to provide guarantees to small and medium-sized enterprises (SMEs) and Mid-Caps exporting to Ukraine. This facility is backed by the European Investment Fund (EIF) and is part of a broader European Union effort to facilitate exports of essential goods and services to Ukraine, including machinery and construction materials critical for the country's economic recovery.
The initiative is set to provide a total of 300 million in EIF guarantees, with Cesce receiving an initial tranche of up to 40 million. This funding will be utilized to support Spanish companies in their export endeavors to Ukraine, offering them enhanced security and confidence through the guarantees provided. The EIF's backing allows Cesce to extend its advisory services and support to Spanish SMEs, thereby increasing their export capabilities and fostering stronger trade relations between Spain and Ukraine.
The facility is projected to benefit over 550 EU exporters, significantly enhancing their ability to engage in trade with Ukraine. The Spanish Secretary of State for Trade emphasized the commitment to Ukraine's reconstruction and the importance of this initiative in identifying projects for financial support. The program not only aims to bolster trade but also to integrate Ukraine further into the European single market, which is crucial for its EU accession process. The strong demand from EU businesses for the EIF's backing indicates a robust interest in maintaining and expanding trade ties with Ukraine, which is essential for the country's recovery and long-term economic stability.