Spain joins the European Union's initiative to strengthen trade with Ukraine through export guarantees.

 

The outlook for Spanish foreign trade with Ukraine is brightening with Spain's recent accession to the European Union's initiative to boost exports to the eastern countryThis strategic measure involves Cesce, the Spanish export credit agency, and Official Credit Institute (ICO), which operates under the umbrella of the Fund for the Internationalization of Business (FIEM) of the Government of Spain. Both entities have formalized a memorandum of understanding to join the export credit guarantee mechanism of InvestEU for Ukraine, a collaboration between the European Commission and the European Investment Fund (EIF).

 

This mechanism is designed so that the EU national export credit agencies provide risk coverage and financing to small and medium enterprises (SMEs) y midcap companies seeking to export to Ukraine. The FEI, in turn, supports these national programs, consolidating a robust support framework for trade.

 

Spain joins a select group of ten EU countries in this initiative, including Germany, Denmark, Slovakia, Slovenia, Finland, France, Italy, Latvia and Romania. The primary objective is promote EU exports to Ukraine, ranging from essential goods such as machinery, construction materials, and advanced technologies, to services that are fundamental to the economy and the urgent reconstruction of the country, in a context of armed conflict.

 

Nadia CalviñoThe president of the EIB Group emphasized the significance of this measure: "This is a real boost to Ukraine's recovery, a positive solution for its recovery and for the functioning of its economy." This is a very important step for Spanish and European companies to be able to export to Ukraine and continue investing in the country just when it is most needed.«.

 

Spain will be one of the ten EU countries participating in the European push to support trade with Ukraine.

 

The export credit guarantee facility for Ukraine will mobilize a total of 300 million euros in EIF guarantees for participating national export credit agencies. Of this figure, Cesce and ICO will receive up to 40 million euros, which represents a A pioneering initiative by the FEI in collaboration with Cesce and ICO/FIEM to support Spanish companies with interests in the Ukrainian market. The EIF support will be channeled through Cesce's network of account managers and the advisory services available to Spanish SMEs, in order to cover possible losses in financing that Cesce/ICO can assume. This guarantee will benefit SMEs from all sectors, offering a A unique opportunity to increase exports, strengthen bilateral trade relations and contribute to Ukraine's economic recovery..

 

In addition to the ten countries already confirmed, three more Member States are expected to join, yet to be announced. This initiative is expected to benefit more than 550 EU exporting companies.

 

The Secretary of State for Commerce of Spain, Amparo López SenovillaHe emphasized Spain's commitment: "Spain's commitment to Ukraine is firm and unwavering. We are determined to support the country in its reconstruction." The combined financial support of the EIF and the internationalisation support instruments are a further example of this commitment.He added that the signing of this letter of intent "will allow us to identify projects where we can provide financial support and also promote the participation of Spanish companies in the country's reconstruction process«.

 

For its part, Paul Ramon-LacaCesce's chief executive, reaffirmed his organization's willingness: "At Cesce, we reiterate our commitment to contributing to Ukraine's recovery." The support of the European Investment Fund (EIF), through this innovative program, allows us to expand our support to Spanish companies, offering greater guarantees, security and confidence to our exporters and thus strengthening trade ties between Spain and Ukraine.. "

 

Manuel IluecaThe president of the ICO highlighted the impact of the EIF support: "Having the guarantee of the European Investment Fund (EIF) It will strengthen the reach of the FIEM, enabling Spanish companies to increase their presence and investments in Ukraine, while contributing to the country's economic recovery.He emphasized that the FIEM, managed by the State Secretariat for Trade with the ICO as the financial agent, "is committed to promoting the internationalization of Spanish companies and, thanks to this initiative, will contribute to strengthening trade relations between Spain and Ukraine."

 

The export credit guarantee mechanism for Ukraine is a key step in the country's efforts to integrate into the European single market and, eventually, become a member of the EU. Valdis DombrovskisThe European Commissioner for Economy and Productivity, Implementation and Simplification stated that "With the backing of the EU budget, The mechanism helps EU companies maintain and intensify trade with Ukraine"And he concluded: "It represents an important step towards the integration of the EU and Ukrainian economies, a crucial element of Ukraine's accession process."

 

Since its launch in mid-2024, the mechanism has generated a immediate interest among EU companies, which has guaranteed the demand for the entire €300 million in EIF guarantees. This support not only helps companies maintain their existing exports to Ukraine, but also fosters new trade ties between the EU and the country.

 

Finally, Julia Svyrydenko, Deputy Prime Minister and Minister of Economy of Ukraine, emphasized the importance of these partnerships: “Ukraine's recovery depends not only on international aid, but also on the reestablishment and expansion of economic alliances, that is, alliances based on trade, industrial cooperation and shared long-term interestsHe concluded that “We therefore welcome the firm commitment of EU Member States to support their exporting companies working with Ukraine. The export credit guarantee mechanism for Ukraine is a strategic tool that helps companies both inside and outside Ukraine to mitigate risks, unlock opportunities, and build confidence in Ukraine as an open, resilient, and future-oriented market.”