IIC and COFIDES agree to co-finance investment projects regionally
The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank (IDB) Group, and COFIDES, will actively collaborate to promote investments by Spanish companies in Latin America and the Caribbean.
IIC CEO James P. Scriven and COFIDES President Salvador Marin have signed a Framework Agreement for Cofinancing during the annual meetings of the International Monetary Fund and the World Bank held in Washington, D.C. on October 13-15.
Through this agreement, the IIC will propose potential operations for co-financing to COFIDES. This agreement aims to deepen COFIDES’ coordination with the IDB Group and to jointly develop a portfolio of co-financing operations between the two entities in Latin America and the Caribbean.
The signing of the agreement was attended by the Deputy Director General of Multilateral Financial Institutions, Clara Crespo; IIC Chief Investment Officer, Gema Sacristán; IIC Head of Mobilizations, Jozef Henriquez; IDB Director in Europe, Ignacio Corlazzoli; IDB Executive Director in Spain, Alicia Montalvo; and COFIDES Institutional Relations Manager, Raúl Moreno.
About the Inter-American Investment Corporation (IIC)
The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank Group (IDB Group), is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. The IIC finances sustainable enterprises and projects to achieve financial results that maximize social and environmental development for the region. With a current portfolio of $11 billion under management and 350 clients in 21 countries, the IIC works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients
COFIDES is a joint state and privately owned company founded in 1988 that provides cost-effective, medium and long-term financial support for viable private investment projects in foreign countries where there is a Spanish interest. COFIDES uses its own resources to the FIEX and FONPYME Funds on behalf of the State Secretariat for Trade, within the Ministry of Economy, Industry and Competitiveness. Among its stakeholders are Banco Bilbao Vizcaya Argentaria (BBVA), Banco Santander, Banco Popular, Banco Sabadell y CAF-Banco de Desarrollo de América Latina.