Madrid, March 11, 2024. The Board of the Green Climate Fund has approved at its 38th Board meeting in Kigali (Rwanda) its participation in the Kuali Fund, an investment fund specialised in climate adaptation and mitigation managed by the Spanish private equity firm GAWA Capital. This is the first project that COFIDES has submitted to the Green Climate Fund, being the only Spanish institution accredited to this United Nations institution. 

The Green Climate Fund will provide EUR 33M to support climate change adaptation and mitigation in Latin American and Caribbean countries. This initiative strengthens COFIDES as a relevant player in development and climate impact investment, as well as a benchmark in the design of blended finance structures, as the Fund will have resources from the Green Climate Fund, the European Union and the Fund for the Promotion of Development (FONPRODE) of the Spanish Agency for International Development Cooperation (AECID), which will be catalysts for private investment and will have an important effect of reducing risk and improving the profitability profile. 


The COFIDES’ chairman, José Luis Curbelo, stressed that "the Kuali Fund is the first Spanish project to be backed by the Green Climate Fund. It is an innovative financial instrument that will help to promote climate change mitigation and adaptation in Latin America, the Caribbean and India through the private sector, which are priority objectives for COFIDES.”

He also highlighted COFIDES' previous experience with blended finance instruments or blending. "Following the launch of the Huruma Fund, the TIF programme and the Renewable Energy Programme for Sub-Saharan Africa, the new Kuali Fund strengthens COFIDES' position as a structuring agent for this type of project. We provide the necessary de-risking to attract private capital participation in sustainable investments that would otherwise be perceived as too risky by private investors.


The Kuali Fund will consist of an investment fund with a target size of EUR 300 M and technical assistance of around EUR 15 M. It aims to contribute to the transformation of countries in Latin America, the Caribbean and India into low-carbon economies and increase their climate resilience by promoting good climate practices by small financial institutions, microfinance institutions, cooperatives and other non-bank financial institutions. 

The fund will facilitate the transition to greener and more inclusive business models, so that financial service providers offer green and climate finance products to both SMEs and smallholder farmers. The Kuali Fund will also support companies with innovative climate solutions in order to expand the number of climate mitigation and adaptation solutions. 


The Green Climate Fund (GCF) is a United Nations initiative to finance climate change mitigation and adaptation projects in developing countries. It aims to help developing countries limit or reduce their greenhouse gas (GHG) emissions and adapt to climate change by promoting a paradigm shift towards low-emission and climate-resilient development.

The GCF aims to contribute to the achievement of the international community's climate change mitigation and adaptation goals. It is a key element of the historic Paris Agreement and the world's largest global climate fund, mandated to help developing countries adopt low-emission and climate-resilient pathways.


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).