A year ago, COFIDES signed the Operating Principles for Impact Management initiative, led by the International Finance Corporation (IFC), sister organisation of the World Bank.
COFIDES was the first Spanish institution to join these principles along with 60 other public and private investors from around the world, whose objective is to improve transparency, credibility and the regulatory system for impact investment.
"COFIDES' mission is to promote economic development through sustainable investments and the projects we support must contribute to positive social development and the achievement of the 2030 Agenda. That's why COFIDES adopted the Operating Principles for Impact Management", said its Chairman, José Luis Curbelo.
For José Luis Curbelo, "in the current context, characterised by the repercussions of the COVID-19 pandemic, it has become even more crucial to have common and coordinated standards with other financial institutions and to measure the effects of our investments in a systematic and transparent way."
Along these lines, the Chairman of COFIDES added that "we must be prepared for the economic effects that this pandemic may have and strive to support the private sector, in order to help our clients ”mitigate the impact on their projects and the environment in which they are carried out."
Lastly, he pointed out that "COFIDES is adapting some of its internal procedures to the established standards and, for the first time, our monitoring systems will be open to an external audit."
The Principles build on the IFC's experience in investing in emerging markets to achieve a significant impact on sustainable development and financial profitability. They reflect the recommended practices of a wide variety of public and private entities. They integrate impact considerations into all phases of the investment life cycle: strategy, organisation and structuring, portfolio management, exit and independent verification. A key aspect is that they require signatories to annually publish how they have applied the principles, including an independent verification, which will make the adoption of the Principles more credible.
About IFC
IFC (a sister organization of the World Bank and member of the World Bank Group) is the largest global development institution focused on the private sector in emerging markets. It works with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. For more information, visit www.ifc.org
About COFIDES
COFIDES is a public-private 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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