The UN agency recognises COFIDES for its experience and career in the area of development funding and supporting a coffee cultivation and processing project in Colombia
COFIDES has been honoured by the United Nations for providing finance for the expansion and modernization of a coffee cultivation and processing project in Colombia.
The 2017 United Nations Awards for Promoting Investment in the Sustainable Development Goals (SDGs) has been awarded by the United Nations Conference on Trade and Development (UNCTAD)’s Investment, Enterprise and Development Commission in a ceremony which took place in Geneva, Switzerland.
COFIDES received this award for its long experience and career in the field of development funding and for supporting in 2017 the company SUPRACAFÉ for the expansion and modernisation of its coffee cultivation and processing project in Colombia that empowers hundreds of women farmers through purchase price premiums and the spread of sustainable farming practices. Furthermore, UNCTAD recognises that the finance and business support services provided by COFIDES enabled the participation of other development and micro finance institutions in the project, which is located in a former conflict zone (Cauca Department in Colombia) and represents the first productive investment since the end of the conflict.
Agencies from Ethiopia and Mauritius were also honoured along with COFIDES. Mr. James Zhan, Director of Investment and Enterprise of UNCTAD, said at the awards ceremony that the award-winning agencies have demonstrated that leading inward and outward investment promotion agencies are acting proactively on the Sustainable Development Goals (SDGs) and achieving noteworthy results. He added: “Developing countries face an annual investment gap of US$2.5 trillion in SDG-oriented investment, and foreign direct investment can play a critical role in filling this shortfall.”
These awards, Mr. Zhan said, can help spur more efforts at the national and international levels to promote more quality investment in the SDGs.
The investment promotion awards have been presented annually since 2002 as part of UNCTAD’s investment promotion and facilitation programme to honour and disseminate best practices among investment promotion agencies and celebrate their achievements. The awards for 2017, 2018 and 2019 have been dedicated to promoting investment that contributes towards the SDGs in order to mainstream the goals into investment policies and promotion.