IDB Invest and SOFID sign co-financing agreement
IDB Invest, a member of the Inter-American Development Bank (IDB) Group, and SOFID (Sociedade para o Financiamento do Desenvolvimento, Instituição Financeira de Credito, S.A.) will actively collaborate to promote investments in Latin America and the Caribbean with a focus in Central America and the Caribbean for projects aimed at agribusiness, energy, tourism and finance.
The Framework Co-financing Agreement was signed during the Bank’s annual informal meetings with representatives of its non-regional member countries held in Lisbon between January 29 and 30, 2018.
Through this agreement, IDB Invest will propose to SOFID potential operations for co-financing between both entities. This agreement aims to deepen the coordination that SOFID has with the IDB Group and to jointly develop a portfolio of co-financed operations in Latin America and the Caribbean. The framework agreement aims to channel resources for blended financing operations and delegated cooperation.
About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.6 billion under management and 330 clients in 21 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation. www.idbinvest.org
SOFID is a financial institution founded in 2008. Its majority shareholder is the Portuguese State together with the four largest Portuguese banks (BPI, BES, CGD and Millennium BCP) and CAF – Corporación Andina de Fomento. SOFID is mandated to support companies by providing them with medium- to long-term finance, as long as the underlying investment projects promote sustainable economic development in developing countries. SOFID supports projects targeted at agribusiness, industry, energy, tourism and finance. Based on a wide network of partners, SOFID mitigates risk by entering into co-financing agreements with local banks.