The Spanish Cortes has approved a reform bill that will expand the scope of the country’s fund for development cooperation.
The Fund for the Promotion of Development, or Fonprode, will replace the Development Assistance Fund, which was created in 1976 to promote the internationalization of Spanish companies. According to a press release by the Spanish Agency for International Development Cooperation, or AECID, such a purposal has been detached from the new fund and was transferred to an instrument managed by the country’s Ministry of Industry, Tourism and Trade.
Fonprode will include bilateral grants, budget support, contributions to international agencies, concessional loans, contributions to microcredit funds and support to small and medium-sized enterprises. An executive committee will manage the fund, which will hold an office at AECID.