In order to achieve this goal, not only does COFIDES offer more competitive prices to SMEs but also it adopts a more flexible approach to finance investment projects. Thus, COFIDES has introduced more flexible operating procedures to respond to SMEs needs by (i) decreasing financing costs, (ii) reducing the minimum ceiling established per project (250,000 euros) or (iii) allowing flexibility in the requirement of last three years financial statements.
This is not the first time COFIDES designs an action plan to enhance flexibility. In 2009, COFIDES undertook a package of measures, which began to bear fruit in 2010. Indeed, the number of operations for SMEs grew 68%.
And that market segment will continue to be prioritised in 2011. COFIDES is a development finance institution and, for that reason, it will continue to support the private sector in its role as a development tool.
