Madrid, October 19, 2021. COFIDES is participating in the Finance in Common 2021 Summit being held in Rome on October 19 and 20. This edition focuses on the contribution of public development banks in improving agriculture, agribusiness and the global financial architecture for sustainable development.
In the session Unlocking finance for an urban and territorial just transition, the role of Subnational Development Banks, the chairman of COFIDES, José Luis Curbelo, stressed the importance of the additionality of public funds as tailor-made instruments to adjust to the needs of the private sector and achieve greater impact. As an example, he cited the Huruma Fund. He pointed out that "it is a model of European and Spanish institutional coordination to create an innovative structure capable of mobilizing 120 million euros for impact investment and improving the lives of small and medium-sized farmers in Latin America, Africa and Asia".
Curbelo also stressed "the need to find a new balance in which blended finance combines public and philanthropic resources with different risk tolerances to attract private investment" with the aim of contributing "to the achievement of the SDGs, the Paris Agreement and the transition to a green economy".
ABOUT THE FINANCE IN COMMON SUMMIT
Finance in Common, the first summit gathering the world’s public development banks, has been convening for a second time to reiterate and renew their commitments in support of common actions for climate and sustainable development. The Summit is hosted by Cassa Depositi e Prestiti (CDP), the Italian National Promotional Institution and Financial Institution for Development Cooperation, in partnership with the International Fund for Agricultural Development (IFAD), and with the support from all the members of the Finance in Common Coalition.
The summit is streamed live through this link.
COFIDES, a State-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).