NON-FINANCIAL INFORMATION STATEMENT ICO GROUP 2023
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➢ PROMOTING VENTURE CAPITAL THROUGH ITS SUBSIDIARY AXIS, AS AN ALTERNATIVE
FINANCING VEHICLE
✓ Axis has been approved by the ICO to manage 12,150 million Euros, of which 9,150
million Euros have already been allocated to its four funds
ICO promotes complementary financing for companies through Axis, its 100%-owned venture capital
managing company, in public-private collaboration. AXIS’ activity is carried out through investments
in private equity and venture capital funds aimed at promoting the creation and growth of companies
throughout the entire investment life cycle, from the early stages (Business Angels, incubation,
technology transfer) to start-ups, scale-up, expansion and growth capital (equity) and debt.
Axis has currently been approved by the ICO to manage 12,150 million Euros, of which 9,150 million
Euros are already allocated to the four funds it manages at 2023 closing, registered with the CNMV
SUPPORT FOR
INTERNATIONALISATION
ICO acts on behalf of and under the
instructions of the Secretary of State for
Trade of the Ministry of Industry, Trade and
Tourism.
Within this framework, ICO manages:
Business
Internationalisation
Fund (FIEM)
It promotes the export operations of
Spanish companies, as well as Spanish
direct investment abroad, by
financing operations and projects of
special interest for the
internationalisation strategy of the
Spanish economy. It may also finance
the technical assistance that these
operations and projects require in
both developed and developing
countries.
Reciprocal Interest
Adjustment Contract
(CARI)
A financial instrument that is similar to
interest rate insurance, the aim of
which is to favour Spanish exports by
encouraging financial institutions to
grant loans at fixed interest rates.
SUPPORT FOR
DEVELOPMENT
COOPERATION
ICO acts under the instructions of the
Secretary of State for International
Cooperation of the Ministry of Foreign
Affairs, EU and Cooperation, managing:
Fund for the Promotion
of Development
(FONPRODE*)
Its purpose is the eradication of
poverty, the reduction of inequalities
and social inequities between people
and communities, gender equality, the
defence of human rights and the
promotion of human and sustainable
development in impoverished
countries.
* Law 1/2023, of 20 February, on Cooperation for
Sustainable Development and Global Solidarity, has
been published in the Official State Gazette,
creating the Spanish Fund for Sustainable
Development (FEDES F.C.P.J.), which will assume
the rights and obligations of FONPRODE once the
latter has been extinguished.
Cooperation Fund for
Water and Sanitation
(FCAS)
Its purpose is to grant aid, mainly non-
refundable and, where appropriate,
loans to finance projects in the fields of
water and sanitation, under the co-
financing regime with the national
authorities of Latin America and the
Caribbean.
FINANCIAL SUSTAINABILITY
OF REGIONAL AND LOCAL
GOVERNMENTS
ICO manages in the name and on behalf of
the Ministry of Finance:
Financing Fund for
Autonomous
Communities (FFCCAA)
Its purpose is to provide these
administrations with liquidity. Among
the functions of the ICO as financial
manager of the fund are the
formalisation of financial operations
with the Autonomous Regions and the
provision of technical instrumentation,
accounting, cash, paying agent and
monitoring services.
Local Entities Financing
Fund (FFEELL)
Its function is to provide liquidity and
guarantee the financial sustainability
of municipalities by meeting their
financial needs.