He Official Credit Institute (ICO) has expanded the line of guarantees that it signed a year ago with the railway manufacturer Stadler Rail Valenciawith which the Spanish subsidiary of the Swiss group guarantees the awards of glarge international orders that are required of manufacturers to sign them.
The new agreement for an amount of up to 50 million euros allows the line of guarantees to be expanded up to 150 million subscribed by both entities in 2023 to contribute to the company’s international activity.
Specifically, as explained by the ICO, this operation will serve to guarantee two projects by Stadler Valencia: the construction of 60 locomotives for the Finnish railway company and a second project to supply up to 504 vehicles to the consortium of German railway transport companies.
Precisely the second is the largest order ever achieved not only by the Valencian plant but by the Swiss group in its entire historysince it is valued at 4,000 million euros and ensures the activity in the Valencian Albuixech factory for the next decade.
This is a contract for the manufacture and maintenance of a train-tram model based on the one designed and manufactured for Alicante which combines the advantages of tram and light rail in inter-urban areas and was sealed by a consortium of several cities and regions in Germany and Austria.
The state public body chaired by the Valencian Manuel Illueca highlights that it is a strongly internationalized company with activity in countries such as New Zealand, Taiwan, Finland or the United Kingdom, among others.
Up to 6% of total guarantees
The guarantees that the ICO will provide with the signed operation will increase Stadler Valencia’s capacity to issue the various types of technical guarantees that it needs to participate in the international bidding processes for its projects. The ICO, under a public-private collaboration scheme, will participate with a maximum of 50% of the guarantee requirements for each specific project, sharing the risk with other private financial entities. The ICO participation will represent 6% of the total guarantees issued by the banking pool of the company.
The president of the Official Credit Institute (ICO), Manuel Illueca, the CEO of Stadler Valencia, Íñigo Parra, and the financial director of Stadler Valencia, Jorge Gracia, were in charge of signing the agreement.
With the signing of this operation, the ICO achieves a double objective: on the one hand, to support the internationalization of a Spanish company in the employment-intensive industrial sector, a leader in the design and manufacture of railway vehicles throughout the world, and on the other hand, to encourage Sustainable projects can be carried out within the railway sector, closely linked to public transport, the axis of inclusive and sustainable mobility.
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