COFIDES has recorded the highest volume of disbursements in its history in the first quarter of 2020. The Company paid out 80.5 million euros by 31st March, against the previous high of 46.4 million euros from March 2010.

This significant increase, four times higher than the historical average for the quarter, is a result of the fact that some companies with solid foreign investment plans already agreed upon with COFIDES have moved forward their disbursement requests in a business landscape requiring liquidity.

CONTRIBUTING TO THE SMOOTH DEVELOPMENT OF INTERNATIONAL PROJECTS

COFIDES chairman, José Luis Curbelo, has explained that “the increase in the amount of disbursements reflects COFIDES’ support for financial stability in companies and their foreign investments. “We want to contribute as much as possible to the smooth development of Spanish companies’ international projects in this period of uncertainty and economic hardship caused by the effects of the COVID-19 pandemic”.

Similarly, he also underlined that COFIDES’ investments in third countries boost national government efforts to inject liquidity into domestic markets. “With disbursements at a time when global financial markets are closing, COFIDES ensures that competitive projects from Spanish companies in third countries will not be derailed by this terrible global pandemic.” He also stressed that Spanish companies’ projects aid sustainable development in beneficiary countries so that “when all this is just an unpleasant memory, Spanish companies will be able to keep on competing internationally in the right conditions”.

ABOUT COFIDES

COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad since 1988. It is accredited with the EU to manage Community budgets, allowing it to structure transactions with a high impact on development. It is also accredited with the UN’s Green Climate Fund and can structure operations on climate change mitigation and adaptation with the GCF. It is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism and supports AECID in managing FONPRODE funds. Shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.

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