COFIDES - Compañía Española de Financiación del Desarrollo


C/ Paseo de la Castellana nº 278
28046 Madrid
Tel: +34 91 562 6008
Fax: +34 91 561 0015

General Information

Operating since 1990, COFIDES provides cost-effective financial support for projects in developing, transitional and emerging countries in which Spanish companies are involved as investors. With €111 million own resources, COFIDES is majority owned (53%) by the Spanish Government through different public institutions, namely ICEX Spain Trade and Investment, the Institute for Official Credit (ICO) and the National Innovation Enterprise (ENISA). The remaining 47% is held by the four largest Spanish commercial banking groups (BBVA, Banco Santander, Banco Popular and Banco de Sabadell) and CAF Development Bank of Latin America.

COFIDES operates by investing its own resources or mobilising third party funding from different instruments managed by COFIDES. Thus, COFIDES manages two Spanish Government trust funds established to support Spanish investments abroad (FIEX and FONPYME) and cofinancing facilities established with Multilateral Financial Institutions such as the European Investment Bank (EIB) and the Inter- American Development Bank (IADB) / Multilateral Investment Fund (MIF).

COFIDES has supported projects in more than 80 countries and has today a global investment capacity that exceeds €2.5 billion with an upper limit per individual project of €30 million.

COFIDES’ mission comprises two interrelated aspects: Contributing to the internationalization of economy and the Spanish business companies and also the development of the target countries.

Since May 2016 COFIDES has fulfilled the Seven Pillar Assessment of the European Union and the Commission can entrust budget implementation tasks to COFIDES under Indirect Management (including Blending operations).



Equity Investment

COFIDES can take minority and temporary equity stakes in the projects it supports through ordinary or preferential shares. There is normally a put option agreement to sell these shares to the investors after a certain period of time. COFIDES also offers quasi-equity products, such as subordinated or income participating loans with the aim to reinforce the financial strength of the project by increasing the project company’s own resources.


COFIDES can also provide financial support to the projects through senior medium or long term loans.

Other support

Since 2015, COFIDES provides support to the Ministry of Foreign Affairs and Cooperation in the management of the Development Promotion Fund (FONPRODE) in operations related to reimbursable funding.

COFIDES advises potential investors to optimise the project financial scheme and gives advice on project related environmental matters. Moreover, COFIDES makes available to investors the experience acquired after more than twenty five years of operations and offers institutional support to the investments.