Washington, October 13, 2013— IFC, a
member of the World Bank Group, and Spain’s development finance institution,
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,
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.
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
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,
Deutsche Investitions- und Entwicklungsgesellschaft mbH,
Eurasian Development Bank, Export Development Canada, Islamic Corporation
for the Development of the Private Sector,
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., Oesterreichische
Entwicklungsbank AG, OPEC Fund for International Development, Overseas
Private Investment Corporation,
Sociedade Para o Financiamento do Desenvolvimento, Société de Promotion
et de Participation pour la Coopération Economique, and
Swedfund International AB.
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.
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