Cofides

Cofides (Compañía Española de Financiación del Desarrollo) is a Spanish state-owned financial institution dedicated to supporting the internationalization of Spanish companies and fostering private investment projects in developing and emerging countries. Operating under the Ministry of Economy, Trade and Business, its core mission is to provide cost-effective, medium and long-term financial support for viable private investment initiatives that contribute to sustainable development and economic growth.

The institution manages various state funds, including the Fondo para Inversiones en el Exterior (FIEX) and the Fondo para Operaciones de Inversión en el Exterior de la Pequeña y Mediana Empresa (FONPYME). Through these funds, Cofides offers a diverse array of financial instruments, such as co-investment loans, equity participation, venture capital, and guarantees. This flexible approach allows them to tailor solutions to the specific needs of projects, whether they are large-scale strategic ventures or smaller initiatives from Spanish SMEs.

Cofides prioritizes projects that demonstrate strong financial viability, generate positive social and environmental impact, and align with the United Nations Sustainable Development Goals. A key criterion is also the "Spanish interest," meaning projects led by Spanish companies or involving significant Spanish technology, goods, or services. The typical investment size can vary significantly. For smaller projects, particularly those supported through FONPYME, Cofides' direct participation can commence from approximately $81,000 (equivalent to €75,000). For larger, more strategic initiatives, especially via the FIEX fund, individual investments commonly range up to $32.4 million (equivalent to €30 million), though larger commitments are possible for exceptionally significant projects.

As a development finance institution, Cofides plays a crucial role in promoting sustainable economic development and strengthening Spain's economic ties globally. Its commitment to sustainability is evident in its portfolio; for instance, in 2022, 63% of its new financing was directed towards projects with a positive impact on sustainable development. By providing essential capital and expertise, Cofides enables Spanish businesses to expand their global footprint while contributing to job creation and economic progress in host countries.