Spain joins EU initiative to bolster trade with Ukraine by offering export guarantees

• Spain becomes one of ten EU countries participating in European push to support trade with Ukraine. 
• Spanish export credit agency Cesce, together with ICO, acting on behalf of the Spanish State’s Fund for Enterprise Internationalization, joins the InvestEU Ukraine Export Credit Guarantee
• Backed by the European Investment Fund (EIF), the initiative will support Spanish and other European exporters to Ukraine.   

A European Union initiative to facilitate exports to Ukraine gained momentum today when Spain joined. Spanish export credit agency Cesce, together with ICO acting on behalf of the Spanish State’s Fund for Enterprise Internationalization (FIEM), signed a letter of intent to join the InvestEU Ukraine Export Credit Guarantee Facility – a joint initiative of the European Commission and the European Investment Fund (EIF).

Under the facility, national export credit agencies in the EU offer guarantees to small and medium-sized enterprises (SMEs) and Mid-Caps exporting to Ukraine. The national guarantees are in turn backed by the EIF, which is part of the European Investment Bank (EIB) Group. 

Spain is participating in the initiative along with nine other EU countries: Denmark, Finland, France, Germany, Italy, Latvia, Romania, Slovakia, Slovenia and Spain. The goal is to encourage EU exports to Ukraine of goods such as machinery, construction materials and advanced technologies as well as services that are critical for the country’s economy and reconstruction amid Russia’s war.

“This is a real boost for Ukraine’s recovery, a win-win solution for its recovery and functioning of its economy. It is a very important step for Spanish and European companies to be able to export to Ukraine and to continue investing in the country when it matters most,” said EIB Group President Nadia Calviño.

The Ukraine Export Credit Guarantee Facility is providing a total of €300 million in EIF guarantees for the participating national export credit agencies. Cesce is receiving a first tranche of up to €40 million of the total. 

This is the EIF's first initiative together with Cesce and ICO/FIEM to support Spanish companies wishing to export to Ukraine. EIF support will be channelled through Cesce's network of account managers and advisory services available to Spanish SMEs to support the generation of export credit operations. The guarantee will cover any financing losses that Cesce/ICO may incur. The guarantee will benefit SMEs from all sectors of the economy and represents an opportunity to increase their exports to Ukraine, boost trade relations between the two countries and support the Ukrainian economy.

In addition to the ten participating EU countries, a further three Member States that have yet to be announced are scheduled to join the facility. It is projected to benefit more than 550 EU exporters. 

The Spanish Secretary of State for Trade, Amparo López Senovilla, stressed that "Spain's commitment to Ukraine is firm and permanent. We are determined to support the country in its reconstruction. The combined financial support from the EIF and the internationalisation support instruments are a further demonstration of this commitment. The signing of this letter of intent will allow us to identify projects in which we can provide financial support and also encourage the participation of Spanish companies in the reconstruction process of the country".

"From Cesce we reiterate our willingness to contribute to the recovery of Ukraine. The support of the European Investment Fund (EIF), through this innovative programme, allows us to extend our support to Spanish companies, offering greater guarantees, security and confidence to our exporters and thus strengthen trade ties between Spain and Ukraine," said Cesce's Executive President, Pablo de Ramón-Laca.

 “Having the guarantee of the European Investment Fund (EIF) will reinforce the scope of the FIEM, enabling Spanish companies to increase their presence and investments in Ukraine, while contributing to the country's economic recovery. The FIEM, managed by the Secretary of State for Trade and with ICO as financial agent, is committed to promoting the internationalisation of Spanish companies and, thanks to this initiative, will contribute to strengthening trade relations between Spain and Ukraine,’ explained the President of ICO, Manuel Ilueca.

The Ukraine Export Credit Guarantee Facility advances Ukrainian efforts to integrate into the European single market and to become a member of the EU. 

“Backed by the EU budget, the facility supports EU businesses to continue and step up trade with Ukraine,” said European Commissioner for Economy and Productivity, Implementation and SimplificationValdis Dombrovskis.  “It represents a significant step forward in further integrating the EU and Ukrainian economies, which is a crucial element of Ukraine’s accession process.”

Started in mid-2024, the facility generated immediate interest from EU businesses, ensuring demand for the full €300 million in EIF backing. The EIF support helps businesses to maintain existing exports to Ukraine and encourages new EU trade ties with the country.  

“Ukraine’s recovery depends not only on international aid, but on restoring and expanding real economic partnerships — partnerships based on trade, industrial cooperation, and shared long-term interests,” said Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine. “That’s why we welcome the strong commitment of EU Member States to support their exporters working with Ukraine. The Ukraine Export Credit Guarantee Facility is a strategic tool that helps businesses on both sides mitigate risks, unlock opportunities, and build confidence in Ukraine as a market that is open, resilient, and future-oriented.”

Background information

The European Investment Fund (EIF)

The EIF is part of the EIB Group. It supports Europe’s SMEs by improving their access to finance through a wide range of selected financial intermediaries. The EIF designs, promotes and implements equity and debt financing instruments targeting SMEs. In this role, EIF fosters EU objectives in support of entrepreneurship, growth, innovation, research and development, the green and digital transitions and employment.

InvestEU

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for EU policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee of €26.2 billion. With the InvestEU mandate, European institutions – led by European Commission and EIB Group – aim to mobilise more than €372 billion of public and private investments to finance sustainable investment, innovation and job creation throughout Europe over the period 2021-2027.

Press contacts

EIB Group

Maite Cordero | m.corderomunoz@eib.org | Tel.: +34 606 66 82 62

Mónica Faro | m.faro@eib.org tel: +34 628 312 490 

Website: www.eif.org — press@eib.org