AFRICA, CARIBBEAN AND PACIFIC - EUROPEAN FINANCING PARTNERS
Financing Partners: European bilateral development finance institutions and the European Investment Bank
Industry: All, except the ones on the EFP's exclusion list
Product: Loans, equity capital or guarantees
Total investment: 230 million euros
Drawn from: FIEX
EFP, European Financing Partners, is an institution created by the European Investment Bank (EIB) and European bilateral finance development institutions, COFIDES among them, to jointly finance productive private sector investment projects in African, Caribbean and Pacific (ACP) countries. EFP was created in 2003 for the dual purpose of furthering sustainable development and the private sector in ACP countries, and of furthering cooperation between European development finance institutions and the EIB. Since its inception, EFP has committed a total of 388.69 million euros for 28 projects in 14 ACP countries. To date, EFP has undertaken four rounds of financing commitments, the last of which was signed in Paris in December 2010.
As FIEX manager, COFIDES renewed and raised the amount of resources committed in this fourth round, contributing an additional 5 million euros to finance private sector investment in ACP countries. COFIDES' renewed participation in this round reflects the company's commitment to an initiative which, according to the EIB's operation assessment department, is clearly aligned with European development cooperation policies. Similarly, the commitment acquired by COFIDES runs parallel to the Spanish Government's Africa Plan 2009-2012, which consolidates its policy and action on that continent. The objectives pursued by the Africa Plan include contributing to the struggle against poverty, furthering African economic development and deepening Spanish- African trade and investment relations.
Under the new Master Investment Agreement concluded in Paris, EFP will have an additional 230 million euros for financing private sector projects in ACP countries. The EIB is contributing to this new round with a total of 100 million euros, drawn from Cotonou Agreement Investment Facility funds. The remaining 130 million euros are being furnished by EDFI (association of bilateral European development finance institutions to which COFIDES belongs) members.
COFIDES thereby reinforces its collaboration with its European counterparts by cofinancing projects in ACP countries, while diversifying its investment portfolio, expanding its presence in Africa and growing the number of projects and countries in which it operates. The bilateral development finance institutions, EDFI members, that renewed their commitment to EFP IV are: BIO (Belgium), CDC (United Kingdom), COFIDES (Spain), DEG (Germany), FINNFUND (Finland), FMO (Netherlands), NORFUND (Norway), PROPARCO (France), SIFEM (Switzerland) and SWEDFUND (Sweden).