Madrid, February 06, 2020.- Compañía Española de Financiación del Desarrollo, (COFIDES) has joined the International Forum of Sovereign Wealth Funds (IFSWF), a global network of sovereign wealth funds committed to promoting good governance, as a full member. IFSWF member institutions come from over 30 countries from across the globe.

COFIDES is a state-owned company that has been offering financial support to Spanish companies investing abroad since 1988. It is the exclusive manager of FIEX and FONPYME sovereign funds on behalf of the Spanish Ministry of Industry, Trade and Tourism. COFIDES also supports the Spanish Development Aid agency, AECID, in managing its Development Promotion Fund (FONPRODE).  

As a full member of the IFSWF, COFIDES voluntarily agrees to uphold the Generally Accepted Principles and Practices for governance, investment and risk management of sovereign wealth funds, known as the Santiago Principles®. By applying the Principles, IFSWF members demonstrate their commitment to professional, independent, and commercially orientated investment management as they seek to fulfil the mandates set for them by their owners.

Majed Al Romaithi, Chair of the IFSWF, said that “We are delighted to admit COFIDES as a full member of IFSWF. One of the core objectives of the Forum is to facilitate the free flow of capital across the globe by sharing and demonstrating good governance practices between our members. COFIDES is an established and respected institution, and its membership now brings the number of countries represented in the IFSWF to 37.”

Jose Luis Curbelo, Chairman and CEO of COFIDES, stated that “it is a privilege for COFIDES to become a part of such a prestigious and specialised organisation including world-class institutions working for the benefit of the world economy and fostering global development. We look forward to collaborating with the IFSWF and all its members. I am sure that this will be a fruitful alliance that will help strengthen our level of self-demand, establishing processes and practices to the highest international standard”. Furthermore, “obtaining IFSWF membership is a sign of the full commitment of COFIDES with transparency and the best international practices”.

About the International Forum of Sovereign Wealth Funds

The International Forum of Sovereign Wealth Funds (IFSWF) is a voluntary organisation of global sovereign wealth funds committed to promoting good governance and investment management practices through dialogue, research and self-assessment. The IFSWF also seeks to promote a deeper understanding of sovereign wealth fund activity amongst government and financial services institutions.

The Santiago Principles are a registered trademark of IFSWF Ltd. Find out more at www.ifswf.org

About COFIDES

COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad since 1988. It is the exclusive manager of FIEX and FONPYME sovereign funds on behalf of the Spanish Ministry of Industry, Trade and Tourism. COFIDES also supports the Spanish Development Aid agency, AECID, in managing its Development Promotion Fund (FONPRODE). COFIDES also holds the EU accreditation to manage the EU Budget, allowing it to structure transactions with a high impact on development. It is also accredited by the UN’s Green Climate Fund and can structure operations on climate change mitigation and adaptation for that Fund. COFIDES shareholders include the Government with a majority stake and Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.