Over the next few weeks, Spain will be releasing its new strategy on refundable aid for 2015-16. This blueprint will allow the Fund for Development Promotion — known as Fonprode — to be able to strategically and effectively allocate development loans and equity investments.
A Spanish development cooperation financial instrument that replaced the Development Aid Fund, Fonprode was designed to facilitate disbursements not just of voluntary contributions to multilateral and global initiatives and organizations, but also refundable development loans and capital investments to low- and middle-income countries. It manages equity investment funds as well.
Launched in 2011, Fonprode disbursed up to 290 million euros ($329.9 million) to multilateral institutions that year — the only time it was able to channel such a large amount to such initiatives and organizations.