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Washington, October 13, 2013—
IFC, a member of the World Bank Group, and Spain’s development finance institution
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Compañía Española de Financiación del Desarrollo (COFIDES), agreed today to streamline their collaboration to provide much-needed financing to private companies and help boost growth and jobs in emerging markets.
COFIDES is the 18th development finance institution to sign IFC's Master Cooperation Agreement (MCA), which standardizes steps that lenders take when co-financing projects with IFC. This streamlined approach saves time and money for borrowers—private companies in emerging markets—and lenders. IFC has syndicated over $4.4 billion in parallel loans for clients since the establishment of MCA, 49 percent of which has come from MCA signatories.
IFC created the MCA in response to calls by the Group of 20 for official finance institutions to collaborate more closely to help meet shortfalls in private sector financing during the global financial crisis.
“COFIDES has the mission to support Spanish companies willing to invest in emerging countries, which contributes to the growth and economic development of these companies and countries. This agreement will allow COFIDES and IFC to avoid duplication and increase efficiencies in their work,” said Salvador Marín, Chairman of COFIDES.
Dimitris Tsitsiragos, IFC Vice President for Europe, Central Asia, Middle East and North Africa, said, “The agreement with COFIDES marks the addition of another important partner to our network of MCA signatories. Through the MCA model, we have been able to become more efficient in responding to the financing needs of our private sector clients in emerging markets. This agreement also complements IFC’s longstanding relationship with Spain, which includes business development with Spanish companies investing in emerging markets, cooperation with Spanish banks
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and donor
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funded initiatives.”
IFC works closely with Spain to provide financing and advice to promote private sector development in emerging markets. IFC’s aggregate committed portfolio to Spanish sponsors amounted to over $2.1 billion
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Spanish financial institutions held approximately $280 million in IFC syndicated loans and $35 million in parallel loans. In addition, Spain provided cumulative funding of $24.3 million to support IFC’s technical assistance and advisory work.
Other MCA signatories include Arab Petroleum Investments Corporation, Banque Ouest-Africaine de Developpement, Belgian Investment Company for Developing Countries, Black Sea Trade & Development Bank, CDC Group, Development Bank of Japan
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Deutsche Investitions- und Entwicklungsgesellschaft mbH
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Eurasian Development Bank, Export Development Canada, Islamic Corporation for the Development of the Private Sector
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Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., Oesterreichische Entwicklungsbank AG, OPEC Fund for International Development, Overseas Private Investment Corporation
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Sociedade Para o Financiamento do Desenvolvimento, Société de Promotion et de Participation pour la Coopération Economique, and
Swedfund International AB
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About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our new investment commitments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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About COFIDES
COFIDES, a state- and private-owned company founded in 1988, provides financial support to Spanish enterprises abroad. COFIDES administers FIEX and FONPYME funds, dependent on the State Secretariat of Commerce, within the Ministry of Economy and Competitiveness. The stockholders also include the participation of Banco Bilbao Vizcaya Argentaria (BBVA), Banco Santander and Banco Sabadell. For more information, visit
www.cofides.es
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