Madrid, April 15th, 2019.- COFIDES has adhered to the “Operational Principles for Impact Management” initiative, led by the International Finance Corporation (IFC), a member of the World Bank Group.
At a ceremony held at IFC headquarters in Washington, COFIDES’ President José Luis Curbelo subscribed to the Principles, that bring greater transparency, credibility, and discipline to the impact investing market.
COFIDES is one of the 60 investors which are adopting the Operating Principles for Impact Management, a market standard for impact investing in which investors seek to generate positive impact for society alongside financial returns in a disciplined and transparent way.
The organizations adopting the Principles collectively hold over $350 billion in assets invested for impact, which they commit to manage in accordance with the Principles. Future investments for impact will also adhere to the Principles.
The Principles provide a clear common market standard for what constitutes an impact investment, addressing concerns about “impact-washing.” IFC led the development of the Principles, in collaboration with leading asset managers, asset owners, asset allocators, development banks, and financial institutions, including a three-month public stakeholder consultation.
“We believe there is now potential to bring impact investing into the mainstream,” said IFC CEO Philippe Le Houérou. “Our ambitions are very high. We want much more money managed for impact because there’s no time to lose for protecting our planet and communities around the world”
COFIDES' Chairman and CEO, José Luis Curbelo, stated that "COFIDES is one of the first 60 institutions to subscribe to the Operating Principles for Impact Management". This, in his opinion, "is a sign of the Company's commitment for development and sustainability". To this end, he pointed out that "COFIDES proposes the mobilisation of resources from different sources and the promotion of projects in which public-private collaboration contributes to improve financing opportunities for certain sectors, companies and projects that would otherwise be left without financial support".
The Principles draw on IFC’s experience in investing in emerging markets to achieve strong development impact and financial returns. They reflect best practices across a range of public and private institutions. They integrate impact considerations into all phases of the investment lifecycle: strategy, origination and structuring, portfolio management, exit, and independent verification. Critically, they call for annual disclosure as to how signatories implement the Principles, and independent verification of impact management systems, which will provide credibility to the implementation of the Principles.
First adopters of the Operating Principles for Impact Management:
- Acumen Capital Partners
- AlphaMundi Group
- AXA Investment Managers
- Baiterek National Managing Holding JSC
- Belgian Investment Company for Developing Countries (BIO)
- Blue like an Orange Sustainable Capital
- BlueOrchard Finance Ltd.
- BNP Paribas Asset Management
- Calvert Impact Capital
- Capria Ventures
- Cardano Development B.V. (ILX fund and TCX)
- CDC Group plc.
- CDP – Cassa Depositi e Prestiti
- Community Investment Management (CIM)
- Cordiant Capital
- Credit Suisse
- DEG – Deutsche Entwicklungs- und Investitionsgesellschaft mbH
- Development Bank of Latin America (CAF)
- European Bank for Reconstruction and Development (EBRD)
- European Development Finance Institutions (EDFI)
- European Investment Bank (EIB)
- FinDev Canada
- Flat World Partners
- FMO – the Netherlands Development Finance Company
- IDB Invest, Member of the Inter-American Development Bank
- IFC Asset Management Company (AMC)
- IFU – Investment Fund for Developing Countries
- Incofin Investment Management
- Investisseurs & Partenaires – I&P
- Islamic Corporation for the Development of the Private Sector, Member of IsDB Group
- Kohlberg Kravis Roberts & Co. L.P.
- LeapFrog Investments
- LGT Impact
- LGT Venture Philanthropy
- MicroVest Capital Management
- Multilateral Investment Guarantee Agency (MIGA)
- Oesterreichische Entwicklungsbank AG (OeEB)
- Overseas Private Investment Corporation (OPIC)
- Partners Group
- Prudential Financial Inc.
- STOA Infra & Energy
- Swiss Infestment Fund for Emerging Markets (SIFEM)
- The Rise Fund
- The Rock Creek Group
- Zurich Insurance Group Ltd.
IFC (a sister organization of the World Bank and member of the World Bank Group) is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
COFIDES is a public-private company which has been offering financial support to Spanish companies investing abroad since 1988. It is accredited with the EU to manage Community budgets, allowing it to structure transactions with a high impact on development. It is also accredited with the UN’s Green Climate Fund and can structure operations on climate change mitigation and adaptation with the GCF. It is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism and supports AECID in managing FONPRODE funds. Shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.