ICO and the German bank KfW sign a cooperation agreement to strengthen the growth and international activity of companies from both countries

16 January 2025

  • National Promotional Banks of Spain and Germany met at the headquarters of the Instituto de Crédito Oficial (ICO)
  • Both financial institutions seek to promote long-term investments and empower the development of business projects

The CFO of ICO, Antonio Cordero, and the CEO of KfW, Stefan Wintels, have signed a collaboration agreement between both financial institutions focused on working together to strengthen the growth and international activity of German and Spanish companies.



This agreement between ICO (Instituto de Crédito Oficial) and its German counterpart (KfW) demonstrates the good harmony and understanding between both state promotion banks to actively cooperate in various areas of work and promote the development of business projects.

Cooperation and innovation for business development

The aim of the agreement is to establish a common framework that will encourage long-term investment and help boost the growth and economy of both countries within Europe. 
This cooperation will be materialised through the exchange of information and effective experiences in the implementation of financing and promotion instruments for SMEs, which represent 99% of the network in Europe. 

Funding infrastructure and developing innovative financial schemes that facilitate investment and sustainable economic growth in both countries are other areas that will be addressed in the collaboration between ICO and KfW. 

Historical ties and reinforced relationship 

With this bilateral meeting, which took place at the headquarters of Instituto de Crédito Oficial (ICO), the two entities continue their historical ties of cooperation by sharing the mission of supporting the development of key sectors in the economy, such as sustainability, digitalisation or housing, for the benefit of companies and self-employed workers.  

About ICO
Instituto de Crédito Oficial (ICO) is a public entity attached to the Ministry of Economy, Trade and Enterprise of the Government of Spain. ICO has become a benchmark in financing both SMEs and large investment projects and contributes to sustainable growth by promoting economic activities that, due to their social, cultural, innovative or environmental importance, are worthy of promotion and development. www.ico.es


About KfW
KfW is one of the world’s leading promotional banks. With its decades of experience, KfW is committed to improving economic, social and environmental living conditions across the globe on behalf of the Federal Republic of Germany and the federal states. To do this, it provided funds totalling EUR 111.3 billion in 2023 alone. Its financing and promotional activities are aligned with the 2030 Agenda of the United Nations and contribute to achieving the 17 Sustainable Development Goals (SDGs) around the world.


KfW does not have any branches and does not hold customer deposits. It refinances its promotional business almost entirely through the international capital markets. In 2023, KfW raised EUR 90.2 billion in the capital markets to fund its business activities. In Germany, KfW Group is represented in Frankfurt, Berlin, Bonn and Cologne. Its network includes 80 offices and representations around the world.