Madrid, the 25th of September, 2019.- The Spanish Network of the Global Compact has included COFIDES in the dossier of good practices published today on the occasion of the 4th anniversary of the approval of the Sustainable Development Goals (SDGs) by the United Nations and within the framework of the actions it is conducting during SDG Week.

The good practice submitted by COFIDES underscores the growth of the assessment of human rights in the funding of Spanish investment abroad. In accordance with the UN Guiding Principles of Business and Human Rights and the National Business and Human Rights Plan of the Government of Spain, the Company aims to contribute to compliance with Principles 1, 2, 3, 4, 5 and 6 of the Global Compact and SDGs 8 and 17 of the United Nations.

SDG 8 COFIDES

 

HUMAN RIGHTS DUE DILIGENCE

Within the framework of the work carried out by the Company since 2018, COFIDES has decided to take another step in its commitment to Human Rights. From next year, COFIDES will ensure that due diligence concerning Human Rights is carried out in all those projects funded that have a high social risk.

The Spanish Red is the local network with the largest number of signatories of the Global Compact of the United Nations. Its management model and its organizational structure is the most advanced. It also highlights the type of activities and tools designed to promote the implementation of the Ten Principles of the Global Compact and sensitize the private sector to contribute to the objectives of the UN.

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.