News | 28 September 2026
BBVA and ICO finance the construction of 10 maritime surveillance vessels for the Indonesian Government
BBVA has acted as MLA and agent bank in structuring this €339,882,010 financing, provided through a commercial loan and a FIEM loan granted by the Instituto de Crédito Oficial (ICO). This transaction strengthens BBVA's presence in Asia and its relationship with Indonesia’s Ministry of Finance, highlighting the importance of its office in the country in supporting exports and opportunities in emerging markets.
BBVA CIB, together with ICO, has been mandated by Indonesia’s Ministry of Finance to finance the sale of a maritime surveillance system worth €339,882,010. The system, developed by Astilleros Gondán and PT Famindo Innovasi Teknologi, will be used by the Ministry of Maritime Affairs and Fisheries of Indonesia.
The bank, acting as MLA and agent bank, secured this financing by collaborating with ICO and structuring two distinct credit lines. The first is a FIEM loan of €150,800,000, subscribed by ICO and backed by the Government of Spain, in which BBVA CIB will act as the paying bank, managing all documentation and disbursements. The second is a bilateral commercial loan of €189,082,010, financed by BBVA CIB.
This transaction strengthens Spain’s relationship with Indonesia’s Ministry of Finance, with which BBVA CIB has completed several operations in recent years, reaffirming the bank’s commitment to supporting new opportunities in the country.
Global presence, local focus: BBVA finances growth in Indonesia
This operation aligns with BBVA CIB’s long-term growth strategy, which focuses on expanding its global presence and consolidating its position in key emerging markets such as Asia. Its local presence through its representative office in Indonesia—the only one operated by a Spanish bank in the country—enables BBVA to gain a deep understanding of Indonesia’s economic and financial landscape, with the country’s economic growth forecasted at 5%. As a result, the bank positions itself as a key financial partner for the public sector in the region.
Raquel Robredo Bravo, Head of Export &Agency Finance (Origination Cesce & Spanish clients) at BBVA CIB, stated, "We look forward to continuing to support Indonesia in future transactions and assisting Spanish exporters awarded with projects. We are fully committed to strengthening ties and continuing our collaboration with the Government of Spain through its various financing and guarantee mechanisms."
Marta Barón, Economic and Commercial Counselor of Spain in Jakarta, added, "The support of Spain’s official financial instruments, including FIEM, in conjunction with financing from entities like BBVA CIB, can be crucial in facilitating export and investment operations for Spanish companies in Indonesia. From the Economic and Commercial Office of Spain in Jakarta, we stand ready to assist all Spanish companies in advancing their projects in the country."