ICO Expands Internationally with Brussels Office and Major Capital Boost
Spain's ICO is set to open its first office outside Spain in Brussels and receive a historic €10.5 billion capital increase to expand its role in European financial projects.
- • ICO to open its first international office in Brussels to strengthen relations with European institutions.
- • Spanish government injects €10.5 billion to boost ICO capital, enabling a financing capacity of €60 billion.
- • ICO aims to become a significant player in European investment projects as an implementing partner.
- • The expansion and capital increase mark the largest transformation in ICO's history to date.
Key details
The Instituto de Crédito Oficial (ICO), Spain's state-owned financial institution, is undergoing a transformative expansion to become a major European public bank. Central to this evolution is the opening of ICO's first international office in Brussels, aimed at strengthening its presence and interaction with European institutions. This marks a historic move for the ICO, which until now has operated solely within Spain.
The expansion project is part of a broader government strategy, led by the Ministry of Economy and Manuel Illueca, to enhance ICO’s role in major European investment projects. The government is simultaneously injecting €10.5 billion from European funds to increase ICO’s capital—the largest capital boost in the institution's history. This financing capacity will escalate to €60 billion, granting ICO greater power to finance a wide range of sectors and projects across Europe, excluding nuclear and fossil fuel industries.
ICO’s new Brussels office will help position the institution as a key implementing partner for large-scale European programs, addressing a previous limitation where ICO had a minimal role in such investments. The search for professional staff is underway to support commercial expansion and international relations from this new hub.
This move reflects Spain’s ambition to elevate ICO to the status of other European financial institutions with longstanding influences in Brussels, enhancing Spain’s financial leverage within European Union investment frameworks.
This article was translated and synthesized from Spanish sources, providing English-speaking readers with local perspectives.
