ICF was incorporated through Law 2/1985 with the broad backing of all political parties represented in the Catalan Parliament. The first few years of its existence, which coincided with a highly dynamic phase of the Catalan economy, ran parallel to the broadening of the powers of the Catalonia Regional Government. Hence, its activities have been closely related to targeted industrial policies of the various regional administrations, and the impact on enterprises of the various economic cycles.
Over these 30 years, there have been changes in its configuration to adapt its structure and organization to the financing needs of the region's business fabric, so as to supplement the private financial sector. Initially, ICF invested only in long-term fixed assets, but it gradually broadened its scope to cover a range of requirements, such as working capital, internationalization, innovation, capitalization, etc.
Upon reaching its thirtieth anniversary in 2015, ICF adapted its legal and operating status in order to operate within the framework of the European Banking Union.