Loading…
Loading…
ICO, Spain's state-owned official credit institution, signed a new financing agreement with Banco Sabadell under the "Línea ICO Canal Internacional" ("ICO International Channel") facility, a standing programme through which ICO extends credit lines to third-country banks that on-lend to companies with Spanish capital, ownership or trading links operating abroad. The agreement, signed in Casablanca and marking the second between ICO and Sabadell specifically targeting Morocco, makes up to USD 25 million (or euro equivalent) available. ICO's release frames the facility around sustainable and digitalisation projects, aiming to support the green and digital transformation of Spanish-linked companies' productive activity in Morocco. The signing coincided with an outreach event for businesses hosted at Spain's Economic and Commercial Office in Casablanca, attended by Spain's ambassador to Morocco, Banco Sabadell's Corporate & EMEA Banking director, and ICO's Director General of International Corporate Financing. The wider Canal Internacional programme has mobilised roughly EUR 2.98 billion across some 552 projects in third markets to date.
Severity is set low (1/5): this is a routine, quantified (USD 25m) tranche of an existing bilateral development-bank credit-line programme rather than a new policy instrument or trade-restrictive measure, consistent with how the register treats other export-credit-agency-backed outbound financing (ICO-Sabadell Miami, EIB/EIF-Sabadell securitisation, Bpifrance, KfW/DEG, UKEF).
Banco Sabadell) to channel state-backed financing to Spanish-linked firms operating in North Africa, alongside its existing Americas-focused Sabadell Miami and Mexico facilities.
recurring, institutionalised facility rather than a one-off transaction.
under this tranche were not disclosed in the press release.
Morocco agreement was not itemised.