Madrid, April 20, 2026. COFIDES and the Industrial Development Corporation of South Africa (IDC) signed a Memorandum of Understanding (MoU) to strengthen financial cooperation and facilitate the development of private sector investment projects with economic and social impact in Africa, with a particular focus on South Africa and Spanish interest. The signing took place during the official working visit to Spain by the President of the Republic of South Africa, Cyril Ramaphosa.
The Chair and CEO of COFIDES, Ángela Pérez, and the CEO of IDC, Mmakgoshi Lekhethe, signed this memorandum in the presence of South Africa’s Minister of Trade, Industry and Competition, Parks Tau. The memorandum lays the foundations for cooperation between the two institutions to support private sector investment projects in various areas, with particular focus on sectors related to climate change, the energy transition, the automotive industry and the agrifood sector.
On the occasion of the signing, Ángela Pérez stated: “This Memorandum strengthens cooperation between COFIDES and IDC to mobilize private investment with positive impact. South Africa’s economy offers significant opportunities in sectors where Spanish companies are global leaders, such as renewable energy, electricity transmission, and the automotive industry, creating potential for mutually beneficial projects that contribute to sustainable development in both Spain and South Africa”.
Speaking at the ceremony, IDC CEO Mmakgoshi Lekhethe said that the two entities affirm their commitment to international cooperation and will jointly promote private investment that contributes to inclusive and sustainable economic growth.
“The IDC will identify projects where Spanish companies, service providers, technology suppliers and other commercial partners can participate. This MoU establishes a framework for collaboration with private sector investment projects across all industries. A special focus will be given to initiatives on climate change related investments, just energy transition, the automotive industry and agribusiness,” said Lekhethe.
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 is a state-owned trading company that manages financial funds from the Spanish State, as well as its own resources and those of third-party institutions with various objectives: the internationalization of the Spanish economy, the attraction of foreign investment into strategic sectors in Spain, the promotion of the impact economy in Spain, and the contribution to the development of the countries in which it invests. In addition to the State, which holds a majority position, other shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and CAF–Development Bank of Latin America.
