Madrid, October 4, 2022. COFIDES has organised the first meeting after the constitution of the collaboration network of sovereign wealth funds that operate in the EMENA region (Europe, Middle East and North Africa). This forum, aimed mainly at co-financing and mobilising financial resources from the private sector, was established last March in Malta and COFIDES was one of the pioneering institutions that supported this initiative together with BPI France (France), Malta Government Investments (Malta) and the Egyptian Sovereign Fund.
In a meeting that took place at the COFIDES headquarters in Madrid over the course of two days, members of the EMENA network exchanged experiences on recent trends in sovereign wealth funds and the investment opportunities offered by emerging markets. The ultimate goal of this network is to achieve sustainable economic development in Europe, the Middle East and North Africa.
STRENGTHENING OF THE POSITION WITH SOVEREIGN WEALTH FUNDS
The COFIDES Chairman, José Luis Curbelo, has highlighted "the importance of these meetings of the sovereign wealth funds for COFIDES". Specifically, referring to the EMENA network forum, he stated that it "allows COFIDES to be strengthened as a relevant player in the field of sustainable financing and to secure strategic alliances with key partners for the development of the Spanish economy and companies both in third countries and in the Spanish market". In this sense, he explained that the target sectors for its investments are green technology, sustainable development, innovation, food safety, infrastructure, etc., "sectors in which the Spanish productive and technological system has numerous Spanish leading companies with extensive experience and great international prestige.”
Finally, he stressed that "with our participation in the ENEMA network, we are deepening our relationship with Mediterranean sovereign wealth funds and those of third countries with the aim of mobilising investments, promoting the business of Spanish companies and favouring the growth of SMEs and the private sector.”
The COFIDES Chairman made these statements at a round table together with the director of the SWF Report of the IE University Center for the Governance of Change, Javier Capapé; the CEO and managing partner of the Mediterranea Capital Partners Group, Albert Alsina; and Herald Boncini, CEO of Malta Government Investments.
The EMENA network of sovereign wealth funds aims to raise equity from SWFs to help mobilise private investment flows to de-risk and finance projects or companies in the EMENA area, which has an investment financing gap of between 700 and 900 billion dollars, with special emphasis on green technology, sustainable development, SMEs and innovation.
With its participation in the EMENA network, COFIDES is strengthening is collaboration with organisations led by sovereign wealth funds. COFIDES is also an active member of the International Forum of Sovereign Wealth Funds (IFSWF) and One Planet Sovereign Wealth Funds. In recent months, it has signed collaboration agreements with the United Arab Emirates fund, Mubadala, and the Qatar fund, Qatar Investment Authority (QIA). It also participates together with the Oman Investment Authority in the Spain Oman Private Equity Fund (SOPEF).
On the other hand, COFIDES is a relevant financial player in the region, where it has traditionally provided financial support to Spanish companies in markets such as Morocco, Egypt, Algeria or Turkey through the FIEX and FONPYME funds.
ABOUT THE EMENA SOVEREIGN WEALTH FUNDS COLLABORATION NETWORK
This network of financing institutions and sovereign wealth funds is primarily aimed at co-financing and mobilising financial resources from the private sector in the EMENA region. Currently participating in this initiative are BPI France, Malta Government Investments, the Sovereign Fund of Egypt and Growthfund, the National Fund of Greece, which has joined the initiative during the conference held in Madrid.