Former Minister of Economy, Environment, and Agriculture of Ukraine Oleksiy Sobolev and First Deputy Prime Minister and Minister of Economy, Trade, and Entrepreneurship of Spain Carlos Cuerpo held a regular meeting of the Intergovernmental Ukrainian-Spanish Commission on Economic and Industrial Cooperation, reached an agreement on financial and insurance support totaling EUR 570 million, and signed a number of documents on the development of economic and industrial cooperation.
According to a report on the Ministry of Economy's website, a delegation of 50 Spanish companies arrived in Kyiv with Carlos Cuerpo. During the two-day program, government and business representatives discussed investment projects and the participation of Spanish companies in Ukraine's reconstruction.
"Spain is consistently translating its political support for Ukraine into practical decisions for business and recovery. The total amount of financing and insurance coverage in these areas will be increased to EUR 570 mln. Our task now is to connect these opportunities with specific Ukrainian projects and establish long-term partnerships between companies of our countries," Sobolev said in the publication.
Following the meeting, the parties agreed that Cesce, the Spanish state export credit insurance agency, would increase the risk coverage limit for operations in Ukraine to EUR 250 million. The ministry expects this coverage to help Spanish companies supply equipment, technology, and services to Ukraine, as well as participate in investment projects.
In addition, the Spanish development finance institution COFIDES will manage a new credit line of EUR 100 million to support Spanish private sector investment projects in key sectors of the Ukrainian economy. At the same time, the State Fund for the Internationalization of Spanish Companies (FIEM) is providing financing for Ukraine of up to EUR 200 million, including up to EUR 100 million in repayable financing and up to EUR 100 million in grant support for projects implemented by Spanish companies.
Oleksiy Sobolev and Carlos Cuerpo also signed a Joint Declaration of Intent to Support Ukraine's Industrial Recovery and Resilience, which solidifies the two countries' commitment to deepening cooperation within the framework of Ukrainian President Volodymyr Zelenskyy's "Industrial Rammstein" initiative. The document reflects a shared vision for partnership between companies from both countries, facilitating the supply of industrial equipment, technologies, and related services, as well as supporting projects to enhance the competitiveness of Ukrainian manufacturers and their integration into European value chains.
A Spanish-Ukrainian business forum was held as part of the commission meeting, during which the Spanish state-owned bank Instituto de Crédito Oficial and Raiffeisen Bank Ukraine signed a Memorandum of Understanding and a financing agreement. The Ukrainian Scientific Research Institute of Railcar Building and the Spanish company Ibertest also signed a Memorandum of Understanding on cooperation in railway equipment testing, while the Spanish industrial association SERCOBE and the Federation of Employers of Ukraine signed a Memorandum of Cooperation to develop partnerships between industrial companies of the two countries.
As reported, the Verkhovna Rada, at its meeting on Wednesday, July 16, appointed Naftogaz Ukrainy CEO Serhiy Koretsky to the post of Prime Minister of Ukraine and renewed the government.
