Compañía Española de Financiación del Desarrollo, COFIDES, S.A., S.M.E. and Industrial Development Corporation of South Africa Limited, (IDC), have signed a Memorandum of Understanding to enhance bilateral investment financing between the Republic of South Africa and Spain.
This partnership which is in collaboration with private sector investment projects will focus mainly on climate change related investments, that are complementary to both entity’s areas of interest. These include investments in the just energy transition, the automotive industry, agribusiness and other related sectors.
COFIDES Chairman, José Luis Curbelo, and IDC Chief Operations Officer (COO), Joanne Bate signed the Memorandum of Understanding (MoU) during the State visit of the president of the Government of Spain, Pedro Sánchez, to South Africa.
COFIDES chairman, José Luis Curbelo, stated: “We hope this agreement can contribute to identifying investments opportunities in renewable energy, including solar, wind power, as well as in projects that speak to the adaptation to effects of climate change, automotive industries and food security. These are sectors in which Spanish companies have a wide experience”.
Curbelo also disclosed that COFIDES is working on the European Union program, Renewable Energy Programme for Sub-Saharan Africa, which aims to support climate change, renewable energy, off-grid and mini-grid power generation projects, in some of Sub-Saharan Africa’s areas lacking access to the electricity grid.
Ahead of the signing, IDC Chief Operations Officer, Bate said: “South Africa has embarked on an aggressive path to decarbonise its economy and the IDC is pivotal to helping the country achieve these goals. The expertise and experience that COFIDES brings to this partnership is critical to helping the IDC and South Africa to achieving its goals.”
ABOUT IDC
Industrial Development Corporation of South Africa Limited (IDC) is a development finance institution, wholly owned by the government of the Republic of South Africa and established in terms of the Industrial Development Corporation Act. IDC is a self-financing development finance institution, whose primary objective is to contribute to the generation of balanced, sustainable economic growth in Africa and to the economic empowerment of the South African population, thereby promoting the economic prosperity of all citizens. IDC achieves this by promoting entrepreneurship through the building of competitive industries and enterprises based on sound business principles.
www.idc.co.za
ABOUT COFIDES
COFIDES, a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of 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).
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