As fund manager for FIEX and FONPYME, COFIDES set record levels in approvals and portfolio in 2009. Thus, COFIDES assumes the counter cyclical role in financing investment projects of Spanish companies.

In 2009, COFIDES approved 29 projects amounting to 202.81 million euros compared to 132.16 million euros in 2008. Latin America and Asia hosted the largest share of the amount approved in 2009 by COFIDES and accounted for 28% and 26% respectively. Energy (35%), automobile (20%) and infrastructure (12%) were the main sectors in terms of the amount of investment approved by COFIDES during the year.

The approved projects have an exponential effect on host country economies. They are expected to represent a total investment of 2,400 million euros and generate more than 4,500 direct jobs.

On 31 December 2009, the investment portfolio managed by COFIDES amounted to 540.14 million euros, up 21% on 2008.

COFIDES business levels reached record in approvals and portfolio in 2009, which proves the COFIDES additionality compared to the financial private sector. The COFIDES additionality was reinforced by more flexibility on the Company’s operating criteria.

In 2009, as fund manager for FIEX and FONFYME, COFIDES implemented the India Facility in order to foster the financial support provided to the investment projects in this country. The new India Facility has a capital endowment, which amounts to 80 million euros. Furthermore, COFIDES extended the Country Facilities’ expiry date to January 2011 and renewed the capital endowment for every Country Facility.