The Spanish Government has approved the bolstering of the Fund for Foreign Investments (FIEX), managed by COFIDES, which extends planned funding to 100 million Euros. This move is part of the package of measures announced in Royal Decree-Law 25/2020, of 3 July, of urgent measures to support the reactivation of the economy and employment in the face of the COVID-19 health crisis.
COFIDES Chairman and CEO, José Luis Curbelo, comments that “this is a very significant action in continuing to support Spanish companies in a difficult landscape. At this time it is essential that they are able to engage in projects abroad in line with COFIDES’ mandate, especially those which have a positive impact on sustainability, health, and development”. Moreover, “this increase in FIEX funding seeks to strengthen the support of Central Government for improving investment in Spanish companies in emerging value chains”.
FUND CHARACTERISTICS
This fund allows both temporary holdings and direct minority holdings in the capital of Spanish firms for their internationalisation or of companies located abroad and in general, through holdings in company equity as detailed above and through any participatory tools.
Financing by the fund may also be provided through temporary holdings and direct minority holdings in those vehicles or capital expansion funds with existing official support or those that are subsequently created or private equity funds, that promote the internationalisation of the company or the Spanish economy.
The maximum limit of funding that can be obtained by each project is 30 million euros and the minimum amount is 250,000 euros.
ABOUT COFIDES
COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad since 1988. COFIDES is accredited to the European Union (EU) to manage funds coming from the EU budget, allowing the structuring of transactions with a high impact on development. COFIDES is also accredited to the UN’s Green Climate Fund (GCF) and can therefore structure operations on climate change mitigation and adaptation. Moreover, COFIDES 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 also supports AECID in managing FONPRODE funds. COFIDES’s shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.
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