Spain to allocate EUR 570M for Ukraine's reconstruction

That is according to the Ministry of Economy, Environment and Agriculture, Ukrinform reports.

"Following the fifth meeting of the Ukrainian-Spanish Intergovernmental Commission on Economic and Industrial Cooperation, the parties reached agreements on financial and insurance support totaling EUR 570 million and signed a number of documents aimed at strengthening economic and industrial cooperation," the ministry said.

The agreements are expected to expand opportunities for attracting Spanish financing to Ukrainian reconstruction projects while creating additional conditions for Spanish companies to participate in investment projects in Ukraine.

In particular, the Spanish state export credit agency Cesce will increase its risk coverage limit for operations in Ukraine to EUR 250 million. This will enable Spanish companies to more actively supply equipment, technologies, and services to Ukraine, as well as participate in investment projects.

In addition, the Spanish development finance institution COFIDES will manage a new EUR 100 million credit facility to support private-sector investment projects.

The Spanish Corporate Internationalization Fund (FIEM) will also provide up to EUR 200 million in financing for Ukraine. The facility includes up to EUR 100 million in repayable financing and up to EUR 100 million in grant funding for projects implemented with the participation of Spanish companies.

Following the meeting, the parties also signed a joint declaration of intent on supporting Ukraine's industrial recovery and resilience.

The document provides for closer cooperation under the "Industrial Ramstein" initiative and is expected to promote partnerships between Ukrainian and Spanish companies, facilitate the supply of industrial equipment and technologies, and support the integration of Ukrainian manufacturers into European value chains.

Photo: Ministry of Economy, Environment and Agriculture