April 17, 2025 | 07:03 pm
TEMPO.CO, Jakarta - Indonesia's Ministry of Finance has signed a loan agreement worth Rp6.49 trillion with the Spanish government. The loan, obtained from two Spanish banks—ICO and BBVA—will be allocated to the Maritime and Fisheries Integrated Surveillance (MFISS) project, managed by the Ministry of Maritime Affairs and Fisheries.
Deni Surjantoro, the Head of the Ministry's Communication and Information Services Bureau, confirmed the loan arrangement on Wednesday, April 16.
Tempo obtained a copy of the letter from the Directorate General of Financing and Risk Management at the Ministry of Finance, addressed to the Directorate General of Marine and Fisheries Resources Supervision (PSDKP), which outlines the loan agreement.
The loan is split into two parts: €150.8 million (approximately Rp2.9 trillion) from Instituto de Credito (ICO) Spain, and €189.1 million (approximately Rp3.6 trillion) from Banco Bilbao Vizcaya Argentaria (BBVA) Spain, accounting for 44% and 56% of the total loan, respectively.
Here's a look at the profiles of the two Spanish banks involved in the loan:
Instituto de Credito (ICO)
According to its official website, ICO is a state-owned enterprise (SOE) in Spain, established in 1971. It operates under the Ministry of Economic Affairs, Trade, and Industry and is governed by Royal Decree 706/1999. ICO is a financial institution with its own legal status, assets, and independent management. The institution finances itself through national and international capital markets and has explicit guarantees from the Spanish government for its debt and obligations.
ICO's group includes Axis, Spain's first venture capital company, founded in 1986. Axis provides equity and quasi-equity instruments to companies to support their growth. The ICO group also includes Fundacion ICO, established in 1993 to promote culture and the arts. Since 2003, it has operated as a sustainable public non-profit with a national scope and independent assets.
Banco Bilbao Vizcaya Argentaria (BBVA)
Founded in 1857, Banco Bilbao Vizcaya Argentaria (BBVA) is a global financial services group operating in more than 25 countries. It holds a leading position in Spain and is the largest financial institution in Mexico. BBVA also has significant franchises in South America and Turkey.
In 2024, BBVA reported a net attributable profit of €10.05 billion, up 25% from the previous year. The company's return on tangible equity (ROTE) was 20%, making it one of the most profitable banks in Europe.
BBVA's tangible book value per share, plus dividends paid, increased by an average of 18% over the past three years. Additionally, more than 11 million new customers joined BBVA in 2024, bringing its total number of active customers to 77.2 million.
Anastasya Lavenia Y contributed to the writing of this article.
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