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HQ office : Madrid, Spain
ADDRESS : C/ Paseo de la Castellana, 278,
28046 Madrid


Compañía Española de Financiación del Desarrollo

The Compañía Española de Financiación del Desarrollo, COFIDES, S.A., S.M.E. is a state-owned trading company founded in 1988. It provides medium and long-term financing for viable private investment projects that, based on profitability criteria, contribute both to the development of the host countries and the internationalization of the economy and of Spanish companies. To fulfil this dual purpose, COFIDES uses its own resources to finance investment projects in emerging or developing countries and manages the FIEX and FONPYME funds on behalf of the State. COFIDES also provides technical support to the Spanish Agency for International Development Cooperation in the management of FONPRODE - Development Promotion Fund and mobilize financial resources from the EU blended finance instruments and from the United Nations Green Climate Fund.

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Key Figures

Key numbers (end of 2020)


€96 million

in new annual commitments to 29 projects

€1,777 million

in total portfolio of 272 projects

€444 million

in investment funds

Other Fund Management

COFIDES manages two Spanish Government trust funds to support Spanish investments abroad, the Fund for SME Foreign Investment Operations (FONPYME) and the Fund for Foreign Investment (FIEX).
COFIDES also lends support to the Spanish Agency for International Development Cooperation (AECID) in managing the Development Promotion Fund (FONPRODE).

Financial Instruments


equity and quasi equity



Investment focus

COFIDES can invest in any developing or emerging country, regardless of its per capita income.

COFIDES can back projects in all productive industries, except real estate and defense sectors and other activities excluded by environmental and social policy.