• As part of the Ukrainian President's official visit to Spain, the Ministry of Economy, Trade and Business has adopted two strategic agreements that promote bilateral collaboration to support the country's reconstruction
• A Memorandum of Understanding (MoU) has been signed establishing the framework for cooperation for Spanish companies to participate in strategic reconstruction projects in Ukraine, supported by financial instruments that facilitate their implementation
• In addition, the FIEM (Fund for the Internationalisation of Spanish Companies), in order to support the reconstruction of Ukraine, will introduce greater flexibility in the evaluation of Ukrainian guarantees for repayable projects and will finance finalist projects with donations, both up to a limit of €100 million during the reconstruction period
• In addition, a Letter of Intent has been ratified as a commitment by both countries to formalise the Technical and Financial Cooperation Agreement in the near future
• As a sign of Spain's strong support for Ukraine, the Spanish Office for the Reconstruction of Ukraine was created as a one-stop shop to coordinate public and private efforts to support the country's recovery

As part of Ukrainian President Volodymyr Zelensky's official visit to Spain, the Spanish Ministry of Economy, Trade and Business has signed two key instruments that strengthen bilateral cooperation and consolidate Spain's commitment to Ukraine's reconstruction and sustainable development.

Together with Ukraine's Ministry of Economy, Environment and Agriculture, it has signed a Memorandum of Understanding on bilateral economic and financial cooperation mechanisms, while both governments have ratified a Letter of Intent regarding the future Technical and Financial Cooperation Agreement.

With these two instruments, Spain reaffirms its support for Ukraine's sovereignty and independence, as well as its active commitment to international efforts for its reconstruction.

The Memorandum of Understanding establishes a solid and stable framework aimed at channelling the participation of Spanish companies in strategic projects for the sustainable and resilient reconstruction of Ukraine. The priority areas for cooperation will be rail and road transport infrastructure, air traffic management, renewable energies, the agri-food industry, hospital equipment and water and waste management.

To carry out these projects, the document establishes economic and financial cooperation mechanisms that will enable the mobilisation of loans, grants, guarantees and other support instruments through the FIEM (Fund for the Internationalisation of Spanish Companies) and Cesce, and will provide information on access to funds from multilateral financial institutions and development banks.

To ensure the coordination and progress of the projects, the memorandum envisages the creation of a Bilateral Working Group, in which the Spanish Office for the Reconstruction of Ukraine will participate together with other representatives of the Ministry of Economy, Trade and Business and the Ministry of Economy, Environment and Agriculture of Ukraine.

At the same time, both governments have signed a Letter of Intent that will initiate the negotiation of a Technical and Financial Cooperation Agreement between Ukraine and Spain, a tool to accompany the country's recovery and sustainable development.

As a sign of Spain's firm support for Ukraine, the Spanish Office for the Reconstruction of Ukraine was created with the aim of coordinating public and private efforts to support the country's recovery. It acts as a one-stop shop for Spanish companies, facilitating their participation in strategic projects by offering advice and access to the resources available for the country's reconstruction.

In addition, the FIEM´s operation is being updated through a draft Royal Decree amending the Regulations of the Fund for the Internationalisation of Spanish Companies, approved by Royal Decree 1797/2010 of 30 December.

Thus, the Fund for the Internationalisation of Spanish Companies (FIEM), in order to facilitate its support for the reconstruction of Ukraine, will introduce greater flexibility in the analysis of guarantees for operations with Ukrainian entities, thereby facilitating the financing of projects by Spanish companies.

Financing guarantees for reconstruction projects in Ukraine may be accepted without the need for a specific solvency analysis, up to a cumulative limit of €100 million during the reconstruction process period.

This reform will also allow the financing of final projects carried out by Spanish companies that contribute to the reconstruction of Ukraine with donations, also with a cumulative maximum limit of €100 million during that period.