Information on financial intermediaries and beneficial owners

according to Article 41 of the InvestEU Fund implementation agreement

Guarantee Agreement under the ICO InvestEU Fund


In 2023, Instituto de Crédito Oficial (ICO) signed a guarantee agreement with the European Commission within the framework of the InvestEU Fund in order to mobilise investment in key sectors for Spain's economic and social development. Under this agreement, ICO manages a total of €468 million, backed by a portfolio guarantee (Indirect Operation).

These funds are channelled through two financial products, corresponding to different public policy lines:

  • ICO SIW Intermediated Equity

(Sustainable Infrastructure Window): ~€200 million
Indirect investment in specialised funds driving green, digital and energy infrastructure and the strategic industrial ecosystem in Spain.

  • ICO SISW Intermediated Equity

(Social Investments and Capacities Window): ~€268 million
Investment in social and affordable rental housing projects, mostly through private investment vehicles, aimed at responsible and sustainable development.

Financial product: ICO - Sustainable Infrastructure and its Industrial Ecosystem (SIW)

  • InvestEU policy window: Sustainable Infrastructure Window (SIW).
  • Objective: Mobilise private investment in sustainable infrastructure (green, digital, energy, industrial) in Spain.
  • Total amount invested: €200 million.
  • InvestEU guarantee coverage: 50% (€100 million).
  • Financial instrument: Indirect investment via specialised funds.
  • Status: Ongoing.

Financial product: ICO - Social Infrastructure (SISW)

  • InvestEU policy window: Social Investments and Skills Window (SISW).
  • Objective: Promote the development of social and affordable rental housing in Spain, through funds managed mainly by private entities.
  • Extended Guarantee Agreement: 2025 (addendum to the original agreement).
  • Estimated amount of investment: up to €268 million.
  • InvestEU guarantee coverage: 50% (EUR 134 million).
  • Financial instrument: Indirect investment via social impact funds.
  • Status: In formalisation phase.