Spain Unlocks €570 Million to Mobilize Corporate Reconstruction in Ukraine

Spain has activated a €570 million ($615.60 million) financial package to support Spanish companies participating in the reconstruction of Ukraine, a United24 Media correspondent attending a joint press briefing in Kyiv reported on July 15.

The announcement was made during an official trade visit to Kyiv by Spain’s First Vice President and Minister of Economy, Trade, and Business, Carlos Cuerpo. Accompanied by a delegation of approximately 50 Spanish businesses—the largest Spanish corporate mission to Ukraine since the 2022 full-scale Russian invasion—Cuerpo signed several public and private agreements.

It is aimed at mobilizing public financing instruments to de-risk private investments in Ukraine’s war-torn economy, the correspondent reported.

Under the newly expanded framework, Spain’s Export Credit Insurance Agency, Cesce, has expanded its export risk coverage line for export operations to Ukraine by more than eight times, raising it from €30 million ($32.40 million) to €250 million ($270.00 million). Additionally, according to official briefing materials, the state-backed development finance institution COFIDES has launched a €100 million ($108.00 million) credit line tailored to Spanish private sector investments in strategic recovery fields, including defense, energy, transport, and water infrastructure.

To stimulate localized enterprise, Spain’s Official Credit Institute (ICO) and Raiffeisen Bank Ukraine have established a €20 million ($21.60 million) credit line under Cesce coverage to assist Ukrainian small and medium-sized enterprises collaborating with Spanish partners. Simultaneously, Spain’s Fund for the Internationalization of the Enterprise (FIEM) has increased its country-specific allocation to €200 million ($216.00 million), which is already backing four active recovery projects.

“With these initiatives, the Government of Spain seeks to consolidate the presence of Spanish companies in the reconstruction process of Ukraine and contribute to identifying, together with the Ukrainian authorities, the priority areas to which to allocate this financing,” Cuerpo stated during the press conference.

Read more

Category

War in Ukraine

Project FREYJA: Europe Is Building Its Own Missile Shield Against Russia’s Ballistic Threat

Jul 15, 2026 12:02

These bilateral agreements also include a joint declaration for Spain’s participation in the “Industrial Ramstein” initiative, a multilateral framework designed to facilitate the import of capital goods for Ukrainian firms affected by Russian attacks. The United24 Media correspondent noted that the visit culminated in the creation of the Spain-Ukraine Business Council and a signed Letter of Intent to establish a new international agreement.

It will streamline the deployment of these financial instruments directly on the ground.

Spain’s investment aligns with a coordinated multilateral recovery effort, which recently culminated at the Ukraine Recovery Conference in Poland.

The European Commission had unveiled a €1.1 billion ($1.25 billion) support package under the Ukraine Investment Framework to rebuild municipal infrastructure and stabilize frontline industries.

Support our frontline reporters

We report from the front lines to show the reality of war. Your support helps us stay there and tell the stories that matter.

DONATE NOW