Madrid, March 3, 2021.- The director-general of COFIDES, Rodrigo Madrazo, participated today in the presentation of the 2020 Sovereign Funds Report by IE University and ICEX Invest in Spain, which reveals that the sovereign investment funds invested 1,300 million euros in Spain between January 2019 and September 2020, maintaining their commitment to the country despite the impact of the pandemic.
SPAIN, AMONG THE TOP TEN RECIPIENTS OF INVESTMENT
The Secretary of State for Commerce, Xiana Méndez, who opened the event, stated that Spain maintains its ability to attract investment and is among the top 10 recipients of investment from sovereign wealth funds. In her speech, she recalled the participation of COFIDES in the SOPEF Spain-Oman Fund and remarked that sovereign wealth funds are orientated towards sustainable or impact investments that allow us to approach compliance with the 2030 Agenda.
FIVE INVESTMENTS OF SOPEF
The director-general of COFIDES, Rodrigo Madrazo, highlighted that, after two years of existence, "five investments have been made with the SOPEF Spain-Oman fund, in which COFIDES participates". These investments - he explained - are made through the equity of Spanish companies that have internationalisation projects. "The level of diversification of the fund is frankly good, since the sectors in which it has invested are very varied: agriculture, food, renewables, biotechnology or industrial".
In addition, he has stated that "the type of funds that invest in equity are more than welcome in a situation like the current one in which the solvency of much of the manufacturing sector may be affected".
In his opinion, joint venture funds are a positive initiative because "they are effective in attracting foreign direct investment, modernising the Spanish business community and promoting its internationalisation and growth."
CLIMATE CHANGE IN INVESTMENT DECISIONS
Rodrigo Madrazo has highlighted that interest in sustainability is growing. "Sovereign wealth funds signed up to principles in 2008 that are based on improving governance and in recent years they have focused on responsible investment, impact investing and especially in considering climate change in investment decisions".
The director-general of COFIDES has explained that COFIDES is part of the International Forum of Wealth Sovereign Funds and One Planet Sovereign Wealth Funds, which have recently published a study revealing the results of a survey carried out among its members. This reveals that for 93% of the participants, climate change is seen as an opportunity and a risk for their portfolios. The report also reflects that 88% include climate change in investment decisions and 36% have a climate change strategy.
