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MADRID, 13 Oct. (EUROPA PRESS) -
Spain, through the Ministry of Economic Affairs and Digital Transformation, has renewed its agreement with the International Finance Corporation (IFC) of the World Bank Group, the main international institution dedicated exclusively to the private sector in developing countries, with the aim of promoting private sector investments in Latin America and Africa.
The Ministry has reported in a statement that within the framework of the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington, the First Vice President and Minister of Economic Affairs, Nadia Calviño, has held a meeting with the Director General of the International Finance Corporation (IFC), Makhtar Diop.
Within this framework, Spain has signed a new replenishment of four million euros to the Bilateral Technical Assistance Fund (TAFT), a bilateral fund intended to finance previous actions for the design of investment projects in developing countries and in key areas such as fight against climate change, the financial sector or the promotion of renewable energies.
Contributions to this fund total 15 million euros with the new replenishment. The agreement with Spain will give specific consideration to projects related to closing the gender gap and digitization.
"Public-private collaboration is essential to address the current challenges and meet the needs of the double green and digital transition. The IFC has a key role to play in mobilizing investment on a global scale. Spain will continue to contribute to this objective", The vice president explained after the meeting with Diop.
Given the variety of development challenges in Latin America and Africa, aggravated by the pandemic and climate change, the cooperation between the Ministry of Economic Affairs and Digital Transformation and the IFC helps drive economic recovery by optimizing market opportunities for sustainable investments , as well as improving access to finance for SMEs.
The Government has assured that this new contribution will help finance IFC projects and create better conditions for attracting private capital as well as strengthening supply chains and local communities.
"As the economies of Latin America and Africa face the new challenges of recent crises, the support of donors such as Spain will allow IFC to fulfill its important development mission," said Makhtar Diop, managing director of the institution.
Spain is IFC's third partner in Europe after France and the United Kingdom, with 3.5 billion dollars (3.6 billion euros) of financing, and a key partner for investments in Latin America and Europe.
Since 1998, IFC's partnership with Spain has financed a wide range of consulting and infrastructure, financial sector development, investment climate, and other projects around the world. IFC also partners with multinationals and midsize companies that are interested in investing in emerging markets.
As of June 2022, IFC had a long-term committed investment portfolio of nearly $2.8 billion with Spanish partners spread across various sectors and regions.
On the other hand, Spain has reinforced its contribution to the Alliance for Water Security and Sanitation (GWSP), a World Bank fund aimed at innovation and technical assistance in the design and implementation of reforms in the water sector. Currently, Spain is the world's fourth largest supplier of water projects for the World Bank.
