Within the framework of this agreement, which is valid until 2027, ICO may issue, with the collaboration of PYMAR, guarantees for a volume of up to 200 million euros to mobilize financing from private entities to Spanish shipyards.
In an act presided over by the Secretary General for Industry and Small and Medium Enterprises, Francisco Blanco Ángel, the CEO of PYMAR, a company that brings together the main Spanish private shipyards, Almudena López del Pozo, and the President of the Instituto de Crédito Official (ICO), José Carlos García de Quevedo, have signed the renewal, for four years (2023-2027), of the financial operations coverage agreement aimed at promoting the construction and naval transformation of our country.
This agreement establishes a collaboration framework between both institutions to support the shipbuilding and transformation sector in Spain, through the issuance of guarantees in operations with official support from the Ministry of Industry, Commerce and Tourism (MINCOTUR). This guarantee mechanism contributes to boosting the activity of the sector and promotes the contracting of the construction and transformation of ships in Spanish shipyards.
Also, the agreement represents another step in the commitment that PYMAR and ICO maintain to promote, in collaboration with private financial entities, the activity of the shipbuilding and transformation sector in our country. This sector is a strategic pillar of the economy due to its high driving capacity and job creation, as well as its clearly exporting nature.
It is estimated that the naval sector generates an impact of 7,700 million euros on the economy and jobs for 70,000 families. Approximately 80% of the production of the shipyards is destined for export, which shows the competitiveness of Spain in this market. Likewise, it is worth noting the high technological component used in the production of vessels with high added value, with increasingly sustainable operating systems.
During the signing ceremony held today, the Secretary General for Industry, Francisco Blanco, stated that “this Agreement demonstrates the commitment of the Ministry of Industry to the naval sector, by facilitating the financing of the construction of ships in our country, a commitment that It also materializes through other instruments, such as the PERTE for the naval sector, whose call for proposals closed a few weeks ago, or the incentives for the R&D of its companies, among others”.
José Carlos García de Quevedo, President of the ICO, stressed that “the signing of this agreement shows the commitment of the ICO and PYMAR to promote, in collaboration with the private sector, the activity of the naval sector, a strategic pillar in the Recovery, Transformation and Resilience due to its great driving effect and capacity to generate employment.The guarantee scheme that we deploy with this agreement will promote access to financing so that Spanish shipyards can continue developing their projects, reaching the highest standards of innovation and sustainability.”
For her part, Almudena López del Pozo, CEO of PYMAR, has shown her “thankfulness to the Ministry of Industry, Commerce and Tourism, for maintaining its valuable official support for credits for the construction and transformation of ships in our country, as well as the ICO, for its firm confidence in the naval industry of our country, which it demonstrates year after year both with the renewal of agreements such as the one signed today, as well as with its invaluable participation in shipbuilding operations with the shipyards. Spaniards and PYMAR”.
The agreement signed today reinforces the collaboration that ICO and PYMAR have maintained since 1995 to promote the activity of the shipbuilding sector and that has allowed 687 guarantee operations to be carried out for an amount of more than 1,022.3 million euros, of which 79.5 million correspond to the 206 files in force. Throughout the validity of this program, a total of 24 financial entities, both national and international, have carried out operations.
Thanks to support instruments such as this system of guarantees, the construction of a thousand ships has been supported in the period 2000-2022, among which are constructions as significant as oceanographic vessels, deep-sea fishing vessels and support vessels at sea , all of them of recognized world prestige in 25 Spanish shipyards.
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