COFIDES & Ithmar Capital sign a joint statement to strengthen bilateral relations

Compañía Española de Financiación del Desarrollo, COFIDES, and Ithmar Capital, the strategic investment fund of Morocco, have signed a joint statement with a view to strengthen the existing bilateral relations between the two state-owned financial institutions.

COFIDES and Ithmar Capital are active partners within the international investors landscape and share common grounds of expertise and economic development aspirations.

Both financial institutions recognize that Morocco and Spain's respective economies offer significant opportunities of collaboration on strategic sectors, such as infrastructure projects, environmental and ecological transition, agribusiness, automotive industry, electric power industry or digitalization.

Furthermore, both entities consider they can play a strategic role in supporting Moroccan and Spanish companies that currently intend to expand their business in Morocco and Spain as well as in other commonly targeted geographies.

Thus, COFIDES and Ithmar Capital see a unique opportunity for intensifying the dialogue and cooperation with the main aim of making investment initiatives a reality. The expertise and know-how of the investment industry by both COFIDES and Ithmar Capital, will allow to identify feasible investments projects aligned with strategic complementary interests.

COFIDES Chairman and CEO, José Luis Curbelo, said: “COFIDES and Ithmar Capital not only share common objectives aiming to have a significant impact in the current economic transition, but are also ready to join efforts to finance private sector led investments in both countries. We believe that the statement signed today will strengthen the collaboration between the two neighbouring countries”.

Ithmar Capital CEO, Obaid Amrane, said: “The signing of the Statement by Ithmar Capital and COFIDES is a new cooperation achievement that is part of the distinguished bilateral relations as well as the dynamic connecting our respective countries. This signature bears witness to a shared desire by both parties to work together on concrete investment projects.”

The signing of the joint statement took place in Rabat within the framework of the "Spain-Morocco Economic Forum", which was closed by the President of the Spanish Government, Pedro Sánchez, who highlighted in his speech that this initiative will boost the identification of joint investment opportunities.

ABOUT COFIDES

COFIDES, a State-owned company engaging in the management of State and third-party resources as well as its own funds, pursues several aims, that include the internationalisation of Spain’s economy; the promotion of economic development and reinforcement of the solvency of Spanish companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).

For more information: cofides.es/en

ABOUT ITHMAR CAPITAL

Created in 2011, Ithmar is a strategic investment fund with a primary focus on supporting the economic development of Morocco. A multi-sector fund, Ithmar aims to promote investment in all strategic national sectors by developing structuring and transformational projects with a strong impact.

As a strategic link between national priorities and private investment, Ithmar acts as a trusted third party and adopts a long-term intervention logic, thus reinforcing its position as a wise and patient investor.

Acting as a growth driver for future generations, Ithmar is committed to a sustainable economy and intergenerational equity.

As a sovereign wealth fund, Ithmar has adhered since 2015 to the Santiago Principles which are carried by the International Forum of Sovereign Wealth Funds (IFSWF) of which it currently chairs the board of directors.

For more information: ithmar.gov.ma