BBVA and ICO Finance US$339 Million for Indonesian Maritime Surveillance Vessels

BBVA CIB and the Spanish Official Credit Institute (ICO) have arranged financing totalling US$339 million to support the construction of 10 maritime surveillance vessels for the Government of Indonesia. The vessels will be operated by Indonesia’s Ministry of Maritime Affairs and Fisheries to enhance maritime monitoring capacity.

Financing Structure Involves Commercial and FIEM Loans

The financing package is divided into two tranches. BBVA CIB provided a US$189 million bilateral commercial loan, while ICO contributed a US$150 million FIEM loan, backed by the Government of Spain.

BBVA CIB also acts as the paying bank, managing the relevant documentation and disbursements under the financing agreement. This transaction strengthens BBVA CIB’s ties with Indonesia’s Ministry of Finance, with which the bank has concluded several deals in recent years.

Vessels to Be Constructed by Spanish and Indonesian Shipbuilders

The maritime surveillance vessels will be built through a joint development between Spain’s Astilleros Gondán and Indonesia’s PT Famindo Innovasi Teknologi.

This initiative aligns with BBVA CIB’s strategic aim to expand its wholesale banking presence in emerging markets across Asia, supporting long-term growth in the region.

These new vessels are expected to contribute to Indonesia’s maritime security operations, facilitating improved surveillance and control of its extensive territorial waters.

BBVA and ICO will continue to engage in financing solutions that support infrastructure and security projects in strategic emerging markets.