ICO and PYMAR renew their agreement to finance the naval construction sector

13 April 2023

  • Within the framework of this agreement that will be effective until 2027, ICO shall issue warranties, with collaboration from PYMAR, of up to 200 million euros to inject funding from private entities towards Spanish shipyards

In an act presided by the Secretary General for Industry and SMEs, Francisco Blanco Ángel, the Counsellor Delegate of PYMAR (a company managing the main Spanish private shipyards), Almudena López del Pozo, and the President of Instituto de Crédito Oficial (ICO), José Carlos García de Quevedo have signed and, therefore, renovated an agreement to extend financial operations for another four years (from 2023 through 2027) to promote the naval construction and transformation of our country.


This agreement establishes a collaborative framework between both entities to support the naval construction and transformation sector in Spanish by issuing warranties in operations supported by the Spanish Ministry of Industry, Trade, and Tourism (MINCOTUR). This mechanism of warranties will encourage the activity of this sector and promote the construction and transformation of vessels in Spanish shipyards.

By virtue of the agreement signed today, in collaboration with PYMAR, ICO shall be issuing warranties to inject funding from private companies towards the Spanish naval construction sector.

This agreement is another step forward in the commitment made by PYMAR and ICO to promote, in collaboration with private financial entities, the activity of the naval construction and transformation sector in our country, a strategic pillar of the economy thanks to its high drawing potential, capacity to create jobs, and exporting nature.

It is estimated that the naval sector generates 7700 million Euros in the economy and creates jobs that benefit nearly 70 000 families. Approximately 80% of the production of Spanish shipyards is exported, which stresses how competitive Spain is in this market. Similarly, we should mention the high technological component used in the production of vessels of added value with more sustainable exploitation systems.

During the act of signing today’s agreement, the Secretary General for Industry and SMEs, Francisco Blanco said that “this Agreement proves the commitment made by the Spanish Ministry of Industry with the naval sector in our country to promote funding for vessel construction, a commitment also materialized through other instruments like the PERTE aimed at the naval sector whose bid was just closed a few weeks ago, or the for R+D+I incentives of its companies, among others”.

José Carlos García de Quevedo, president of ICO, said that “signing this agreement shows the commitment made by ICO and PYMAR to strengthen, in collaboration with the private sector, the activity of the naval sector, a strategic pillar in Spain’s Recovery, Transformation, and Resilience Plan thanks to its high drawing potential, capacity to create jobs. The scheme of warranties deployed with this agreement shall promote access to funding so Spanish shipyards can keep developing their projects with the highest standards of innovation and sustainability”.
Almudena López del Pozo, Counsellor Delegate of PYMAR, “thanked the Spanish Ministry of Industry, Trade, and Tourism, for keeping its valuable official support in the form of loans for the construction and transformation of vessels in our country and appreciated the committment made by ICO trusting the Spanish naval industry. Year after year, through the renovation of agreements like today’s, ICO shows its support and collaboration in operations aimed at pushing naval construction forward with PYMAR Spanish shipyards”.

The PYMAR-ICO Collaboration

The agreement signed today strengthens the collaboration between ICO and PYMAR initiated back in 1995 to promote the activity of the Spanish naval construction sector. By virtue of this agreement, a total of 687 warranties of over 1022,3 million Euros have been made available. Of these, 79,5 million Euros belong to 206 projects currently in action. Through the validity of this program, a total of 24 financial institutions, both national and international, have been able to conduct their operations.

Thanks to support instruments like this system of warranties, the construction of a thousand vessels from 2000 through 2022 was secured, among these, oceanographic ships, high-seas fishing boats, or high-seas support vessels, all of them built in world-acclaimed Spanish shipyards.

Additional information

Instituto de Crédito Oficial (ICO) is the Spanish national promotional bank within the Ministry of Economic Affairs and Digital Transformation. By lending money and using other funding formulae, ICO supports innovative and sustainable business projects both in Spain and other markets to contribute to sustainable growth. In its nature of National Promotional Bank, ICO provides funding to companies while paying special attention to SMEs and self-employed workers.


PYMAR  is a society that includes the main Spanish private shipyards and defends the interests of the naval industry in both Spain and Europe in collaboration with the Spanish government and the Autonomous Communities that participate in its Board of Direction. Therefore, it has key instruments to improve and encourage the competitive edge of the naval sector like the Naval Warranty Fund. In addition, it provides counselling, as well as technical, legal, and financial support to shipyards integrated within the company, and financial institutions that help materialize their building and repair projects, as well as major naval transformations.