Global Finance News
18 Nov 2025, 13:49
BBVA: ICO and Garanti BBVA Sign 100 Million Dollar Financing Agreement for Spanish Companies in Türkiye
Spain’s state-owned development finance institution ICO and Garanti BBVA have signed their first financing agreement in Türkiye, enabling up to 100 million dollars in funding for projects involving Spanish companies. The deal marks ICO’s entry into the Turkish market under its International Channel Facility, expanding a long-standing partnership with the BBVA Group across Latin America and now Eurasia.
Garanti BBVA, Türkiye’s second-largest private bank, will channel the financing toward sustainability and digital transformation projects, supporting technology-driven companies and strengthening commercial ties between Spain and Türkiye. The agreement also covers Turkish companies with investment or business links to Spain.
Assets under management involved in the transaction amount to 48 billion TL, with Goldman Sachs TFI serving more than 736,000 clients and holding roughly a 12% share of Poland’s mutual fund market.
During an information event in Istanbul, Spanish Ambassador Cristina Latorre, Garanti BBVA CEO Mahmut Akten, and ICO official Fernando Salazar highlighted the deal’s strategic importance. BBVA’s CIB head in Türkiye, Sinem Edige, noted that ICO-backed financing will offer more competitive funding for internationally active companies.
ICO’s International Channel Facility has already mobilized 3.72 billion euros globally, financing more than 570 projects. With this ninth agreement between ICO and the BBVA Group, both institutions aim to further support Spanish corporate internationalization and deepen economic ties between Spain and Türkiye.
Spain’s state-owned development finance institution ICO and Garanti BBVA have signed their first financing agreement in Türkiye, enabling up to 100 million dollars in funding for projects involving Spanish companies. The deal marks ICO’s entry into the Turkish market under its International Channel Facility, expanding a long-standing partnership with the BBVA Group across Latin America and now Eurasia.
Garanti BBVA, Türkiye’s second-largest private bank, will channel the financing toward sustainability and digital transformation projects, supporting technology-driven companies and strengthening commercial ties between Spain and Türkiye. The agreement also covers Turkish companies with investment or business links to Spain.
Assets under management involved in the transaction amount to 48 billion TL, with Goldman Sachs TFI serving more than 736,000 clients and holding roughly a 12% share of Poland’s mutual fund market.
During an information event in Istanbul, Spanish Ambassador Cristina Latorre, Garanti BBVA CEO Mahmut Akten, and ICO official Fernando Salazar highlighted the deal’s strategic importance. BBVA’s CIB head in Türkiye, Sinem Edige, noted that ICO-backed financing will offer more competitive funding for internationally active companies.
ICO’s International Channel Facility has already mobilized 3.72 billion euros globally, financing more than 570 projects. With this ninth agreement between ICO and the BBVA Group, both institutions aim to further support Spanish corporate internationalization and deepen economic ties between Spain and Türkiye.