Madrid, November 22, 2022. The chairman and director-general of COFIDES, José Luis Curbelo and Miguel Tiana, took part in the 14th annual meeting of the International Forum of Sovereign Wealth Funds (IFSWF), held in Baku (Azerbaijan) on 15-16 November. Participants looked at the main challenges these institutions are currently facing, including those arising from the current economic and geopolitical situation, and discussed ways to enhance the contribution of their investments to sustainable development. It was also agreed at the meeting that COFIDES would host the next edition of the event.

The IFSWF is a global network of around 50 sovereign wealth funds from around the world. It comprises members from all five continents and is a unique platform for international cooperation and information exchange between these institutions. A common characteristic of the network members is their compliance with the Santiago Principles regarding the requirement for transparency and good governance by both the individual funds and the investments in which they participate.

Sovereign wealth funds are key players in international direct investment flows with a long-term perspective. In 2021, their investment volume reached USD 71.6 billion and was preferentially directed towards priority sectors for sustainable development at the global level, such as infrastructure, renewable energy and digital transformation.

COFIDES' appointment as organiser of the next annual meeting of the IFSWF highlights the growing institutional prominence of the organisation at the international level. The 15th annual meeting will be held in Madrid in October 2023, thus coinciding with the Spanish presidency of the European Union.

The chairman and CEO of COFIDES, José Luis Curbelo, said that "it is very significant that COFIDES, and therefore Spain, has been appointed as the organiser of the next meeting of this network, which brings together the world's leading sovereign wealth funds. With this torch passing, we at COFIDES are working hard on preparations for hosting this meeting in our country next autumn, which will represent a key milestone for the company and will allow us to promote investment flows that contribute to the digital and sustainable transformation of our economy".

In fact, he pointed out that "the investments of sovereign financial institutions generate opportunities of enormous interest and complementarity for national economic policies". He also highlighted the possibilities of public-private co-investment in all those sectors identified as priorities in the Spanish Recovery, Transformation and Resilience Plan. "COFIDES, as a leading public entity in the management of financial instruments, is a key partner for the efficient channelling of this type of resources in favour of the competitiveness of our country's productive economy".

Entitled Mobilising Capital for Change, this year’s meeting provides a unique opportunity for our members to discuss the most significant issues of the current investment landscape. Topics addressed included rising inflation, deglobalisation, environmental, social and governance (ESG) issues, and the digitisation of the investment process and financial landscape.

Leaders of most of the world's largest sovereign wealth funds are joined by representatives of key private-sector partners of IFSWF and SOFAZ and representatives from the International Monetary Fund and the World Bank.


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.


COFIDES, a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).