The Spanish government has initiated an urgent reform of the Instituto de Crédito Oficial (ICO) statutes to align the state lender with the requirements of the “España Crece” fund. The proposal, approved by the organization’s governing body and backed by the Ministry of Economy, was submitted for public consultation on Tuesday. This move replaces regulations that have remained in place since 1999.
The updated framework aims to restructure the ICO to manage the program’s 13.691 billion euro budget. According to the ministry, the allocation includes a 10.891 billion euro capital increase. The remaining 2.8 billion euros will be distributed through non-repayable transfers intended to support the concessional elements of specific financial operations. #Spain #Economy #ICO #Finance