Compañía Española de Financiación del Desarrollo, COFIDES S.A., S.M.E., is a joint state and privately owned company founded in 1988 that provides cost-effective, medium and long-term financial support for viable private investment projects in foreign countries where there is a Spanish interest. The ultimate aim is to contribute, with profitability criteria to host country development as well as to the internationalisation of Spanish enterprises and the Spanish economy.
In order to meet this dual goal, COFIDES uses its own resources to finance investment projects located in emerging or developing countries, and it also manages on behalf of the State (State Secretariat for Trade, within the Ministry of Economy, Industry and Competitiveness) the FIEX and FONPYME Funds, created to finance investment projects abroad regardless of the development level of the host country of the project. COFIDES’ total financing capacity is about €2.5bn.
The activity of COFIDES, as a private public concern, complements with additionality criteria the resources offered by the market and those provided by investors of the projects themselves.
COFIDES always acts on a shared risk basis under which the private investor and COFIDES jointly provide a specified volume of resources for an investment linked to a project. Through the financial products offered, the Company is in a position to invest in principle, between €75,000 euros and €30m per project.
COFIDES’ share capital is held by:
-ICEX Spain Trade and Investment
-Instituto de Crédito Oficial - Official Credit Institute- (ICO)
-Empresa Nacional de Innovación (ENISA)
-Banco Bilbao Vizcaya Argentaria (BBVA)
-Banco de Sabadell
-CAF-Development Bank of Latin America
53% of COFIDES share capital is held by the first three public institutions.
COFIDES is a founding member of the EDFI, an association of 15 bilateral institutions for funding in developing countries.
COFIDES is an active member of the Spanish network of Global Compact.
The COFIDES mission is to contribute, not only to the internationalisation of both the economy and Spanish companies, but also equally to promote economic and social development of emerging or developing countries, whilst operating within the associated profitability criteria, either through funding companies with private investment projects, involving some degree of Spanish interests, or by supporting management development tools. To fulfil its goal COFIDES can use its own financial resources as well as the funds it manages. The financing can be done through various forms of debt or equity and may be granted directly or indirectly through investment funds
The company’s vision includes being the de facto public-private funding vehicle of Spain’s Economic and Commercial Administration for direct foreign investment and hence a model for Spanish public-private venture capitalism abroad.
To contribute to the consolidation of growth in the Spanish economy, as well as to foster development in those countries where the private sector invests with the support of COFIDES managed funds.
Meeting these objectives by COFIDES is the cornerstone for the delivery of excellent service, in order to achieve total customer satisfaction.
COFIDES bases its dealings, in relation to the private financial sector offers, on the principle of additionality. The key undertaking is that their activities can be both justified and maintained over the long term.
COFIDES recognises the inherent risks of the activities in which it is involved, and is committed to managing these risks using the most advanced techniques and tools available.
Based around compliance with a series of guiding principles and an established code of ethics that are intended to promote social, environmental and economic sustainability of the investments, whilst at the same time attempting to ensure the long-term economic development of local communities. Estimating the development-generated impact of investment in the host country as well as the effect on its FDI and on the business network in the country are also key elements.
COFIDES operates within a quality framework, applying a transparent and efficient internal management model.
COFIDES is aware of the importance of providing accurate and reliable information about its own market activities, its shareholders as well as society in general, ensuring the demands of confidentiality are securely met in the management of its business.