Information on financial intermediaries and beneficial owners. Data as at 31/12/2025

according to Article 41 of the InvestEU Fund implementation agreement

Guarantee Agreement under the ICO InvestEU Fund

In 2023, the Official Credit Institute (ICO) signed a guarantee agreement with the European Commission under the InvestEU Fund, with the aim of mobilising investment in key sectors for Spain's economic and social development. Following several extensions in December 2023 and March 2025 and December 2025, under this agreement the ICO manages a total of €750 million in potential investment, backed by the InvestEU 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): ~€250 million
Indirect investment in specialised funds driving green, digital and energy infrastructure, as well as the strategic industrial ecosystem, in accordance with the relevant geographical criteria, giving priority to projects in Spain and the European Union.

  • ICO SISW Intermediated Equity

(Social Investments and Capacities Window): ~€500 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: €250 million.
  • Estimated amount of investment:  50% (€125 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 by entities with predominantly private capital.
  • Extended Guarantee Agreement: 2025 (addendum to the original agreement).
  • Estimated amount of investment: up to €500 million.
  • InvestEU guarantee coverage: 50% (EUR 250 million).
  • Financial instrument: Indirect investment via social impact funds.
  • Status: In formalisation phase.

Note: The amounts shown are ICO investment commitments, not actual disbursements. The final beneficiaries will be published once they exceed the threshold of EUR 500,000 as at the end of 2025.