Washington, D.C., October 13, 2014—IFC,
a member of the World Bank Group, and the Instituto de Crédito Oficial
streamline their collaboration to provide much-needed financing to private
companies and help boost growth and jobs in emerging markets.
ICO is the 24th 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 lenders and borrowers. Since the MCA was established
in 2009, signatories have co-invested more than $3 billion in loans with
IFC to support private sector development.
“With this renewed cooperation, we hope to continue our mutual efforts
in providing financing to Spanish companies in order to enable them to
develop their projects in emerging markets with positive impacts on economic
growth and job creation,” said Fernando Navarrete, Chief Financial Officer
Dimitris Tsitsiragos, IFC Vice President, said: “IFC and ICO share the
goal of supporting private sector activities that promote sustainable economic
growth and shared prosperity. As MCA partners we will be able to more efficiently
work with Spanish companies to encourage investment and knowledge flows
to emerging markets.”
IFC works closely with Spain to provide financing and advice to promote
private sector development in emerging markets. Previously, IFC and ICO
co-invested in wind power and telecommunications projects in Latin America.
Spain’s development finance institution, Compañia Española de Financiación
del Desarrollo (COFIDES), is also a signatory of the MCA.
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. For a list
of MCA signatories, visit http://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/ifc+syndications/overview_benefits_structure/syndications/parallel+loans
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 about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org
About the Instituto de Crédito Oficial (ICO):
The Instituto de Crédito Oficial is a state-owned bank with the legal structure
of a public sector company, attached to the Ministry of Economic Affairs
and Competitiveness via the State Secretariat for Economy and Enterprise
Support. From a legal point of view it is a credit institution, and it
is treated as a State Finance Agency. As a state-owned bank, ICO grants
loans to finance companies' investment projects and liquidity needs, both
within and beyond Spain, either through financial entities or directly.
In addition, as the State Finance Agency, it manages the official financing
instruments that the Spanish government deploys to promote exports and
provide development aid. For more information, visit http://www.ico.es/web/ico/home