The agreement is part of the ICO Canal Internacional Line and has an amount of USD 100 million.
Since 2018 and to date, the ICO has signed 17 financing agreements with 11 entities for an amount of 1,818 million euros through the ICO Canal Internacional Line.
This is the second agreement signed between ICO and BBVA México and the fourth with a BBVA Group subsidiary outside Spain.
Madrid, July 16, 2020. The Official Credit Institute (ICO) has signed a financing agreement with BBVA Mexico for an amount of USD 100 million to finance companies and investment projects that have the participation of Spanish companies in Latin America, and especially in Mexico, one of the main countries where Spanish companies carry out their international activity. According to ICEX data, there are currently 614 Spanish companies established in Mexico.
This is the second agreement that ICO has signed with BBVA Mexico and the fourth with a BBVA Group entity outside of Spain with the aim of supporting the development of the internationalization plans of Spanish companies and their activity in third markets.
BBVA Mexico’s activity stands out especially for promoting the financing of sustainable projects with social and environmental impact, through direct investment in energy efficiency and renewable energy projects. In this sense, it is framed with one of the priority objectives of the ICO, such as the financing of sustainable projects, both nationally and internationally.
ICO International Channel Line
Since 2018 and to date the ICO has signed 17 Financing Agreements with 11 Entities to channel up to 1,818 million euros through the International ICO Canal Line to finance the internationalization process and the export activity of Spanish companies.
This program transfers the operating scheme of the ICO Lines of mediation to multilateral, public promotion or private banks located abroad. In this way, the application procedures for companies are facilitated and the entity’s knowledge of the local market is incorporated as added value. Furthermore, it allows Spanish companies with activity in third markets the possibility of financing their projects in local currency in the countries where the investment projects or the export activity are carried out.
The Official Credit Institute (ICO) is a public business entity attached to the Ministry of Economic Affairs and Digital Transformation. The ICO has become a benchmark in financing both SMEs and large investment projects. The ICO contributes to business growth and job creation, promoting those economic activities that, due to their social, cultural, innovative or ecological importance, deserve promotion and development.
About BBVA México
BBVA México is a leading institution in Mexico in terms of portfolio and fundraising. Its business model, based on the client as the business center and leveraged on continuous innovation, as well as the best technology, allows it to offer banking services to 21.5 million clients. To offer better customer service, it has the most extensive banking infrastructure in the system, made up of 1,860 branches, 13,170 ATMs and 472,873 total point of sale terminals. The continuous investment in alternative channels to the branch has allowed 10.1 million clients to quickly, easily and securely access financial services through digital banking. Additionally, through bank correspondents, it has been possible to increase the hours and points of sale in 35,726 associated stores and merchants. Corporate Social Responsibility is a constant in the banking business and through the BBVA Foundation in Mexico education, culture and care for the environment are promoted. https://www.bbva.mx/