Spain reforms ICO statutes to launch España Crece fund

The Spanish Government has initiated an urgent reform of the statutes for the Instituto de Crédito Oficial (ICO) to accommodate the 'España Crece' fund. This initiative aims to sustain investment momentum following the conclusion of the European recovery plan in August 2026.

The fund is allocated a total of 13,691 million euros, consisting of 10,891 million euros for a capital increase and 2,800 million euros in non-reimbursable transfers. To manage these resources, the ICO will implement a new organizational structure featuring two independent accounting portfolios: a Promotional Financing Portfolio to address market failures and mobilize private capital in priority sectors, and a Transversal Financing Portfolio for all other operations.

Targeted sectors for this investment include small and medium-sized enterprises (SMEs), strategic technologies, housing, and venture capital. The reform updates the agency's regulatory framework, which has remained unchanged since 1999, while maintaining its status as a public business entity and state financial agency.