Spain and Portugal have taken a new step in the integration of the Iberian market with the signing of a memorandum of understanding between the Official Credit Institute (ICO) and the Banco Português de Fomento (BPF). This pact strengthens cooperation between both public development banks and focuses on jointly boosting the social housing and affordable rental sector, the design of guarantees for SMEs, and support for the internationalization of companies from both countries.
The First Vice President of the Government and Minister of Economy, Trade and Business, Carlos Cuerpo, and the Portuguese Minister of Economy and Territorial Cohesion, Manuel Castro Almeida, met this Thursday in Lisbon to continue advancing the integration plan for the economies of Spain and Portugal.
The meeting is part of the joint declaration signed by both officials on March 6, 2026, which launched the "Luso-Spanish Strategic Forum for Competitiveness."
Since then, the bilateral monitoring group has developed an operational roadmap with measures aimed at removing obstacles, increasing investment, and deepening integration, "the results of which are already visible on several fronts," according to the department headed by Carlos Cuerpo in a statement.
The agreement between the ICO and the BPF was formalized at today's meeting, setting the coordinated promotion of the social housing and affordable rental sector as one of its priorities, including the exchange of best practices and specific financial solutions.
The memorandum also includes the harmonization of credit rating models to expand access to financing, the promotion of business internationalization through new financial instruments, and the design of guarantee programs for SMEs.
Facilitating Cross-Border Bank Accounts and Labor Mobility
Within the framework of the Forum, actions have been launched to simplify the opening of cross-border bank accounts. Spain and Portugal have committed to working with the financial sector on a self-regulation protocol to standardize the required documentation and streamline account opening procedures.
Likewise, during the meeting, progress and upcoming milestones were reviewed in the implementation of a common electronic invoice between companies and in the mutual recognition of professional qualifications, which lays the legal groundwork for strengthening labor mobility between both countries.
Vice President Cuerpo also held a meeting with the Minister of State and Finance of Portugal, Joaquim Miranda Sarmento, to exchange positions on European projects considered priorities for the coming months, including the community budget and the strengthening of the euro's international role.
The next ministerial meeting of the Forum will be held in Spain before the end of 2026.