Instituto de Crédito Oficial products, services and reviews

About Instituto de Crédito Oficial

Instituto de Crédito Oficial (ICO) is Spain’s state-owned promotional bank and the State’s financial agency, created in 1971 and attached to the Ministry of Economic Affairs and Digital Transformation. It finances investment and liquidity needs of companies, particularly SMEs and the self-employed, through mediated lending programs (Líneas ICO) distributed by collaborating commercial banks that originate loans within program parameters and typically retain the credit risk. ICO also provides direct financing for large projects and corporate operations, including project finance, infrastructure, innovation and internationalization, and participates in syndicated facilities. Through its investment arm AXIS, it manages public-private venture capital and private equity initiatives, including fund-of-funds programs aimed at mobilizing capital toward startups, growth companies and infrastructure. In periods of stress, ICO executes government support measures such as state guarantee schemes, including those launched during the pandemic and subsequent programs addressing energy and supply chain shocks. The institution funds itself primarily in capital markets via benchmark bonds, private placements and commercial paper, complemented by lines from multilateral institutions; it does not take retail deposits or offer transactional banking. Under Spanish law, ICO’s debt benefits from the explicit, unconditional guarantee of the Kingdom of Spain, and its credit ratings align with the sovereign. It maintains a sustainable bond framework and issues green and social bonds with proceeds allocated to eligible SME, social and environmental projects. Governance follows public-law statutes with oversight by the ministry and applicable EU and Spanish banking rules. Key structural features include a countercyclical public-policy mandate, reliance on wholesale funding, and a business model centered on policy-driven lending rather than retail services.