NV: This is your second time traveling to Ukraine with dozens of Spanish business leaders. What is the main purpose of this visit? Which Ukrainian officials and business representatives do you plan to meet?
Carlos Cuerpo: As you said, this will be my second trip to Kyiv in two years. Like last time, we are traveling with Spanish companies that want to contribute to reconstruction. While preparing this trip over the past few months, we have seen that private-sector interest in participating has actually doubled. We will be accompanied by around 50 Spanish companies, and we will hold a business forum with roughly 135 companies in total in Kyiv.
That growing interest is good news. It shows a very strong business delegation. So the first important point is reaffirming our commitment to Ukraine’s reconstruction, both institutionally, from the government, and from the private sector.
Institutionally, we will also bring an additional economic package of €570 million to support reconstruction efforts. This adds to the bilateral help and assistance we are providing to Ukraine within the context of this economic package.
NV: Will you meet with President Volodymyr Zelenskyy?
Cuerpo: It is currently foreseen that we will meet with President Zelenskyy on Wednesday morning. That is still to be confirmed, but it is the latest information I have.
I will also meet with four fellow ministers: First Deputy Prime Minister and Minister of Energy Denys Shmyhal, Deputy Prime Minister and Minister of Reconstruction Oleksii Kuleba, Minister of Finance Sergii Marchenko, and Minister of Economy and Agriculture Oleksii Sobolev.
The business delegation is also important because this trip will be the first in which our Office for the Reconstruction of Ukraine is present. That office was actually one specific outcome of my last trip to Kyiv, from a conversation with the then-Minister of Economy Yulia Svyrydenko, who has since become prime minister. She told us it would be interesting to have a single entry point that could bring together the different initiatives under one window.
That is why we created the Office for the Reconstruction of Ukraine, which is now up and running and has led the preparation of this trip. We will also be joined by the Chambers of Commerce and various business leaders, so we are more than happy to see that this is also a step forward.
NV: Two years ago, in an interview with NV, you said Spain and Ukraine had identified strategic sectors for cooperation and that 23 Spanish companies were preparing to get involved. What concrete results have been achieved since then?
Cuerpo: The sectors were clear from the start: defense, energy, agribusiness, and transportation, particularly rail.
In Spain, for example, we have a dual-gauge system, which is a specific challenge for Ukraine because you need to connect your gauge system to the continental European one. We have the technology to switch between the two systems at high speed. That was one of our first big objectives, and there have been agreements between companies and ongoing collaboration.
We hope during this trip to gain further momentum, including specific agreements between our national railway companies and yours as well.
We can continue not just making this a technical collaboration, but also a specific joint endeavor to really fulfill Ukraine’s objectives, which are to be part of the EU, not only in terms of accession, but also to be fully connected to it.
NV: Are there any estimates as to when the first trains will run using the new system?
Cuerpo: There is no specific calendar yet, but that is part of the interest of this trip. Our idea is to accelerate it as much as possible.
A significant number of the companies joining us will be devoted to transportation and rail, and we are also bringing financial institutions that can help create the financing conditions that will allow these investments to be developed. That is part of the €570 million economic package we are bringing.
NV: In March, Ukraine and Spain signed several bilateral agreements. Which do you expect to have the greatest economic impact?
Cuerpo: There are a few of them. Among those signed when President Zelenskyy was in Madrid was an international agreement that has facilitated financing on better terms, with fewer restrictions and less red tape.
That now allows us to put this €570 million on the table. Actually, €200 million of it comes out of the agreement signed by President Zelenskyy in Madrid in March. It is a very concrete deliverable, and we will sign a second step of that treaty in the next few months.
We will put in place the conditions for that second step when I am in Kyiv. We will sign it because it has to go through Parliament over the course of the next few months so that we can continue to make the best use of the financial conditions. Most of the time, these projects require guarantees and specific financial conditions to be fully deployed. So, out of these meetings, we have concrete deliverables, and this is a key one.
Aside from this, there was an agreement that Spain would step up its bilateral support to €1 billion on the defense side over the course of 2026. We are making good on that commitment, and it actually adds to the €4 billion that were already in place.
[According to the deputy prime minister’s office, total Spanish military aid to Ukraine between 2022 and 2026 will amount to €3.8 billion, which already includes this additional €1 billion — making Spain the eighth-largest contributor among NATO members and the fifth-largest within the EU.]
NV: If you had to name three areas where Spain could make the biggest economic contribution to Ukraine, both during the war and in its long-term recovery, what would they be?
Cuerpo: On the defense side, there is ongoing joint collaboration, and I think that is part of the main contribution both on the EU side and on the Spanish side.
I would also like to mention the humanitarian and social side. Spain is the fourth-largest host in the EU of Ukrainian refugees, with 260,000 fully integrated in our country and contributing positively. For example, in terms of social security affiliation, the numbers are still growing. As I said, they are fully integrated, both those who are underage and those who are of working age under the special protection granted to them. So that is the second area where I think there has been a great contribution from the Spanish side.
And then there is the economic side. There are specific sectors, including energy, transportation, and water, where Spanish companies can help in terms of the necessary contributions that will inevitably come as reconstruction increases in scale.
NV: Which of these areas do you expect to deliver tangible results first?
Cuerpo: Defense results are already there. For example, when you look at the bilateral defense relationship — €1 billion for 2026. This will be used to promote co-production in the field of industrial defense, manufacturing missiles, ammunition, and guidance systems. We will be contributing to that specific area, which is already yielding results.
We have also held defense personnel training, with more than 9,000 Ukrainian troops trained under Spanish leadership within the EU mission. Moreover, we run a respite program for families of Ukrainian combatants at our military residence in Castellón. Around 800 family members have enjoyed rest periods there.
We are sending equipment such as generators, ammunition, and anti-drone systems. A lot is going on in both defense ministries and industries. They are very heavily intertwined.
NV: Ukraine has become one of the world’s leaders in military innovation, particularly in drone warfare. Is there something Spain is learning from Ukraine’s defense experience?
Cuerpo: You are absolutely right. Ukraine’s big effort and courage are bringing positive results in defense industry development, not just aerial drones but underwater drones too. Ukraine is at the forefront of this technology, which is a positive contribution to the broader European defense industry.
It is a positive spillover from the funding and financing of Ukraine’s defense that benefits the EU’s defense as a whole. We have always said from the Spanish perspective that defending Ukraine is defending Europe’s first line of defense. And that was part, of course, of the need to back Ukraine in its efforts to defend its territory.
NV: Do you think the Spanish public understands that Ukraine is Europe’s first line of defense? Spain is quite far from Ukraine.
Cuerpo: Despite the large geographic distance, support from the Spanish population for European and Spanish efforts for Ukraine is rather strong and has not diminished since the war began. Part of that strong support is thanks to the presence of Ukrainian refugees and how well they have integrated into our country.
To be completely honest, the Spanish population feels that the Ukrainian cause is a just cause and is worth backing.
NV: Is Spain interested in investing directly in Ukraine’s defense industry or establishing joint production with Ukrainian companies?
Cuerpo: There is already a strong connection between our defense ministries. Our defense minister has been present on a few occasions in Ukraine. And these close ties extend to the industries as well.
At the European level, beyond the €90 billion loan for Ukraine that Spain strongly pushed for — €7 billion has already been disbursed, some allocated to defense developments — there is specific bilateral investment and support on defense that will revert to joint provision and joint projects.
That is why a few of the firms joining this trip are from the defense sector, to match these specific financial efforts with concrete industrial projects.
NV: Spain has repeatedly expressed readiness to participate in Ukraine’s reconstruction. Can you elaborate on what this means in practice?
Cuerpo: Spain’s participation in the reconstruction of Ukraine comes through different channels. The first one is bilateral, with specific support and the presence of Spanish companies in the private sector. There is a strong institutional tie between both governments, and an institutional tie between the financial institutions.
There will be a memorandum of agreement between both national development banks to be able, for example, to go ahead with the financing of SMEs — small and medium-sized enterprises. €20 million in loans will be provided by national promotional banks to back this endeavor. Like I said, we will bring more than 50 companies to participate in key sectors in the reconstruction.
There is also a multilateral track. Spain is strongly contributing through the EBRD, the European Bank for Reconstruction and Development, the EIB, the European Investment Bank, and the World Bank to different projects and programs for reconstruction. Actually, these three institutions will join our meetings in Kyiv so we can build synergies across all these efforts.
NV: War remains the biggest obstacle for investors. How is the Spanish government encouraging investment despite the risks?
Cuerpo: Part of this financial effort comes out of additional guarantees. This is also the way to reduce risks for firms.
We are stepping up the guarantee scheme that we had. There was a €30 million total volume of risk guaranteed by our state credit agency, and this is going from €30 million to €250 million.
That is another example of how we are trying to step up our efforts to help the private sector go ahead and help in the reconstruction by giving them enough guarantees to reduce that uncertainty and those risks.
NV: Russian missile attacks continue almost daily, and Ukraine faces shortages of air defense missiles. How can Spain further strengthen Ukraine’s air defense?
Cuerpo: We are already strengthening Ukraine’s defense through very strong financial support and collaboration. Both elements are part of our cooperation in defense.
Between 2022 and 2026, Spain has been the eighth-largest contributor to Ukraine among NATO members. Part of the additional €1 billion announced during President Zelenskyy’s visit to Madrid will go toward manufacturing missiles and guidance systems. We have also contributed Patriot interceptors on several occasions.
Again, “as much as we can do” is the general message we have been conveying to our Ukrainian friends.
NV: In March, according to El País sources, Spain announced it would provide Ukraine with five Patriot missiles. Have they all been delivered?
Cuerpo: The Spanish government is currently working to deliver the Patriots as soon as possible.
NV: Ukraine aims to sign an EU accession treaty by 2027. How realistic is that timeline from Spain’s perspective?
Cuerpo: It is not easy to get through all the different steps and negotiating processes to accede to the EU. From the Spanish side, we hope that the process can move as fast as possible. We will assist Ukraine on the path toward EU membership. We have been very clear on that.
Actually, during the Spanish presidency of the European Council in December 2023, we took the historic decision to open accession negotiations with Ukraine. We felt then, and we also feel now, that there is a special responsibility toward this process. It has to undergo all the necessary steps. Let’s try to make it as fast and efficient as we can.
NV: Is Spain already considering the economic consequences of enlargement, for example, how agricultural policy might need to evolve?
Cuerpo: That is part of any accession discussion — how a country’s economic specificities fit within the EU, and how existing instruments need to adapt to continue providing cohesion between regions within the European Union, while at the same time continuing to provide growth for specifically important sectors.
We have the Common Agricultural Policy to ensure that we have food security going forward and that our primary sector is protected. This will be part of the negotiations.
But I would rather look at the positive side: having a key agriculture or food provider within the European Union would increase food security and our strategic autonomy. But it has to be a win-win situation, with a transition period for existing producers, including Spanish ones.
NV: You mentioned the Ukrainian diaspora and its integration. What sectors do they typically work in?
Cuerpo: Ukrainians work in many sectors that contribute to our economy, from construction and hospitality to information and communications.
Social security enrollment among Ukrainians has grown 26% year-on-year. That means that Ukrainians over the age of 16 have temporary protection authorization. They are fully integrated, finding job opportunities and taking advantage of them.
NV: Russia continues investing in spreading influence across Europe through disinformation and political networks. How serious a challenge is this for Spain, and what is the government doing about it?
Cuerpo: Misinformation and cyberattacks — there has been, for the past few years, a huge intent to spread fake news, particularly to influence the way Europeans view what is happening in Ukraine.
But so far, it has not significantly changed how Europeans and Spaniards understand that we need to keep helping, protecting and backing Ukraine until there is a lasting agreement, understanding that Ukraine, as I said before, is the first line of defense for democracy and for Europe.
NV: How would you assess the current state of the Spanish economy and the EU as a whole?
Cuerpo: Spain is undergoing a very strong momentum of growth and job creation. In 2024 and 2025, we have been the fastest-growing advanced economy within the OECD, among the major advanced economies. And it is also expected that we will be among the leaders in 2026.
Among the EU’s larger countries, we are also leading in job creation and growth. Somehow, we have been able to go through the different shocks and come out of them without scars, recovering the trend growth we had before. This is also thanks to the big investments and reforms we have made in the energy sector, and in the digitization of our economy and sectors of the future.
I would say there are always challenges. Of course, we have a few of them. But the situation for the Spanish economy is, in comparative terms, rather buoyant or good.
In the EU, a few of the big economies are growing below their potential. They are also somehow affected by what is going on, by the recurring shocks that we are suffering and undergoing, including shocks and the rebuilding of value chains, as well as the reshaping of geoeconomic and trade relations worldwide. It is a huge challenge.
At the European level, we are fighting for our competitiveness. Most of our policies are geared toward being more productive and more competitive. I want to remain optimistic that Europe — and Spain — will come out of these challenges stronger.