The Spanish Government promotes the ecological and digital transformation of companies
The Spanish government has launched several European loan packages with a value of more than 30,000 million euros to accelerate the ecological and digital transformation of companies. This initiative was announced on Monday by the Minister of Economy, Carlos Cuerpo, and the president of the Official Credit Institute (ICO), José Carlos García de Quevedo, who signed an agreement to mobilize these funds as part of the Plan of Recovery. Loans will be channeled mainly through banks.
Funding lines for ecological transition and business growth
The ‘Green ICO’ line will receive most of the funds (22,000 MEUR) to promote the ecological transition of companies with loans for sustainable transport projects, energy efficiency, renewable energies, decarbonisation of industry, water management, circular economy and adaptation to climate change. On the other hand, the line ‘ICO Companies and Entrepreneurs’ will have 8,150 million euros for projects that boost the growth and resilience of companies, especially the smallest ones.
Support for sustainability and digitization in different sectors
The Spanish government will allocate 1,000 million euros to improve the sustainability, digitization and competitiveness of the tourism sector. In addition, there will be a section of 150 million euros for the financing of projects related to digitization and artificial intelligence of public and private universities, within the framework of the PERTE of the New Language Economy.
Loan conditions and access to financing
More than 70% of the €30 billion is expected to be channeled through banks, allowing the self-employed and SMEs to apply for these loans at their branches. The loans can represent 100% of the amount of the financing project, can be formalized until August 2026 and will have repayment periods of up to 20 years.