Madrid, October 17, 2013. Compañía Española de Financiación del Desarrollo, COFIDES S.A., and Banco Nacional do Investimento (BNI), signed today a Document of Understanding to boost Spanish companies’ investments in Mozambique.
The Memorandum, co-signed by COFIDES Chairman, Salvador Marín, and BNI Chief Executive Officer, Adriano Maleiane, strengthens collaboration between Spain and Mozambique in the development thrust of bilateral co-operation. The signature ceremony was held at the Ministry of Economy and Competiveness, which was attended by the Spanish Secretary of State for Trade, Jaime García-Legaz, and Mozambique Ambassadress to Spain, Fernanda Lichale.
Through this agreement COFIDES is committed to finance up to €75 million, subject to the limit between €75,000 and €30 million per project, which will result in funding alone or cofunding with BNI on a case by case basis in Mozambique, provided that the Spanish companies will hold directly or indirectly a majority equity stake in the project of companies incorporated in Mozambique. Besides, BNI will commit to act as COFIDES correspondent bank in Mozambique representing COFIDES in operational matters.
This agreement is a long-term cooperation between both institutions, with special focus on climate change related sectors, transport infrastructure-roads and rail on concessional basis (PPPs) and participate in projects of other sectors, involving automotive and components, energy generation and transmission, food processing and other industries such as agro-industries, pharmaceuticals, aeronautics and components among others.
This agreement took place following COFIDES’ participation in the Spain-Mozambique Business Meeting, organized by ICEX Spain Trade and Investment. Over thirty Spanish companies attended the event with the purpose of identifying investment opportunities in this country.
COFIDES Chairman, Salvador Marín, stressed that “Mozambique is showing a deep economic growth in recent years and the large mineral and gas reserves and are commencing to be explored. This agreement may help encourage Spanish investors to settle their companies in this country”.
BNI Chief Executive Officer, Adriano Maleiane said “we consider this agreement to be an important tool to facilitate Spanish companies to position themselves in the Mozambican market and form partnerships with Mozambican companies; this initiative is the first of several with the positive results it will bring to the economies of our countries”.
BNI is an institution wholly owned by the State of Mozambique whose primary objective is to contribute to the Economic and Social Development of Mozambique, thereby promoting the finance and acting as a financial advisor to companies in key sectors of the economy such, but not limited to infrastructures, energy and industry in general. BNI achieves this through the management of development funds and other assets both public and private;
COFIDES is a combined private-public concern, which for the last 25 years has provided financial support to Spanish enterprises abroad. COFIDES administrates FIEX and FONPYME funds, dependent of the State Secretariat of Commerce, within the Ministry of Economy and Competitiveness. The stockholders also include the participation of Bilbao Vizcaya Argentaria (BBVA), Banco Santander and Banco Sabadell.