Madrid, May 23, 2019.- The COFIDES chairman and CEO, José Luis Curbelo, moderated the panel today on “Blended Finance: Mobilising resources for the financing of projects with a high impact on development", which took place at the 49th General Assembly of the Latin American Association of Development Financing Institutions (ALIDE) that has been going on in Madrid since last Monday.
The COFIDES chairman moderated the interventions by the representative in Europe of the Inter-American Development Bank (IDB), Ignacio Corlazzoli; the Director of Institutional Financial Resources of CAF-Development Bank of Latin America, Gloria Gamero; the President of the Central American Bank for Economic Integration (BCIE), Dante Mossi; Gisela Campillo, head of the European Union's Regional Programmes for Latin America and the Caribbean; and Alejandro Álvarez, partner of the International Venture Philanthropy Centre.
The speakers reviewed the tools with which each institution uses blended finance, together with the objective of involving the private sector and thus achieving the Sustainable Development Goals (SDGs).
In his contributions, the COFIDES chairman pointed out that the first blended finance project that the Company has presented was recently approved. "The European Union, AECID and private investors all participate in the Huruma Fund and, with it, we aspire to facilitate the financial inclusion of farmers and micro, small and medium-sized enterprises in the agricultural sector in developing countries." José Luis Curbelo has also highlighted the importance of blended finance or blending, since "it makes projects bankable that otherwise would not be and thus would not be carried out”.
During the celebration of the 49th General Assembly of Alide, COFIDES has held several meetings with other financial institutions in order to study possible avenues of collaboration. Among other entities, the COFIDES chairman and CEO has met with the head of the Green Climate Fund, which has accredited the company to present projects, as well as with the Minas Gerais Development Bank.
COFIDES is a public-private company which has been offering financial support to Spanish companies investing abroad since 1988. It is accredited with the EU to manage Community budgets, allowing it to structure transactions with a high impact on development. It is also accredited with the UN’s Green Climate Fund and can structure operations on climate change mitigation and adaptation with the GCF. It is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism and supports AECID in managing FONPRODE funds. Shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.