Madrid, March 26, 2023. COFIDES and Banco Desarrollo de los Pueblos Codesarrollo (Banco CODESARROLLO) have signed an agreement for the implementation of a technical assistance project that will provide support to Ecuadorian micro and small enterprises, especially in rural areas and the agricultural sector, within the framework of the Triple Inclusive Finance Programme (TIF). 

The TIF Programme is the first blending project led by COFIDES in Latin America in collaboration with the European Union and the Spanish Agency for International Development Cooperation (AECID), through the Fund for the Promotion of Development (FONPRODE). 

The agreement provides for a non-refundable contribution for a maximum amount of EUR 176,400, complementing the loan of EUR 7.0 million previously granted to Banco CODESARROLLO by the Spanish Cooperation through FONPRODE for the financial inclusion of Ecuadorian micro and small enterprises. The European Union is one of the funding partners of the TIF Programme, to which it contributes through the Latin America and Caribbean Investment Facility (LACIF).

This technical assistance project will strengthen CODESARROLLO Bank's socio-environmental management to better fulfil its institutional mission, improving financial performance and risk management. It is divided into three main components:

  • Financial deepening: The aim is to improve financial inclusion by reviewing and updating policies and microcredit methodology, using a socio-demographic scoring tool to reach the poorest population. This includes the automation of credit processes.
  • Green microfinance: It is planned to broaden and deepen the bank's climate and environmentally sustainable finance strategy. This involves assessing Banco CODESARROLLO's climate risks and vulnerabilities, developing internal policies and processes to promote environmentally responsible behaviour, and upgrading and/or developing green financial products.
  • Institutional strengthening: This component foresees improving credit risk management by automating the portfolio recovery process, adjusting collection processes and implementing a collection management software integrated into the core banking system.

Each component of the project aims to improve different aspects of banking, from financial inclusion to environmental management and collection efficiency.


Banco CODESARROLLO is a Multiple Bank supervised by the Superintendency of Banks of Ecuador. Its origins date back to 1998, with the creation of the Codesarrollo Cooperative, promoted by the FEPP Social Group (Fondo Ecuatoriano Populorum Progressio), which in 2014 became a Bank, with FEPP as its main shareholder. Its mission is to support sustainable and comprehensive local development in popular, rural and urban areas of Ecuador, with quality financial products and services aimed at strengthening Popular Finance of the Popular and Solidarity Economy (EPS) and relieving poverty. 


The European Union manages the Latin America and Caribbean Investment Facility (LACIF), a regional blending mechanism. LACIF promotes the mobilisation of funds from European and regional financial institutions, governments and the private sector to carry out sustainable development projects in Latin America and the Caribbean. LACIF's objective is to help these countries by way of the finance of projects in key sectors for the achievement of the Sustainable Development Goals, such as: renewable energy, environment, water and sanitation, urban and rural transport, and promotion of small and medium-sized enterprises.


The Spanish Agency for International Development Cooperation (AECID) is the principal management body for Spanish Cooperation. Attached to the Ministry of Foreign Affairs, European Union and Cooperation, it manages the Development Promotion Fund (FONPRODE) with the aims of eradicating poverty, reducing social inequality and inequity among people and communities, and promoting gender equality, defense of human rights and human and sustainable development of poor countries. 


COFIDES is a state-owned enterprise specialized in the management of State funds that provide medium- and long-term financing for private investments linked to different public policy purposes. COFIDES directly manages funds aimed at supporting the internationalization of Spanish firms, strengthening the solvency of companies severely affected by the COVID-19 pandemic, to attract foreign direct investment into Spain through co-investment deals and to contribute to the growth of the impact investment ecosystem in Spain. In addition, COFIDES supports the management of the financial cooperation portfolio of the Spanish Agency for International Development Cooperation, promoting sustainable development in emerging economies and developing countries. In the ownership structure of the Company, the Spanish State holds 53% of the equity. The remaining 47% is held by Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).