The ICO and COFIDE, Peru's development bank, agree to co-finance projects involving Spanish and Peruvian companies
The two institutions have signed a partnership agreement to strengthen cooperation and foster and finance joint projects between Spanish and Peruvian companies.
The agreement covers the potential financing, co-financing and guarantee of common-interest projects, chiefly for SMEs.
The Instituto de Crédito Oficial (ICO) and Corporación Financiera de Desarrollo S.A. (COFIDE) of Perú have signed a partnership agreement to facilitate the provision of financial support for projects involving companies from both countries.
The agreement covers the potential financing, co-financing and guarantee of investment projects and cooperation in the provision of financial and non-financial services to SMEs from both countries. The agreement also covers potential training and technical assistance activities, the exchange of information and the temporary assignment of personnel between both institutions.
This initiative will bolster economic relations between Spain and Peru and strengthen and improve the production bases of both countries.
The agreement is the result of ICO's desire to strengthen links with equivalent institutions and establish joint initiatives. The deal is in keeping with the Institute's strategic goals for driving the international expansion of Spanish companies through its overseas presence.
COFIDE is a mixed company with administrative, economic, and financial autonomy. It is 97.95% owned by the Republic of Peru, with the Development Bank of Latin America (CAF) and COFIDE each holding 1.02% interests.
Its mission is to foster decentralized sustainable development to the benefit of the country's various economic agents by financing investment and development of its financial and capital market. COFIDE is a socially responsible institution which, equally, supports entrepreneurialism with innovative products and services.
As a second floor bank, COFIDE attracts resources primarily from international bodies, international commercial banks and the local capital markets. COFIDE then directs these resources to the business sector via the institutions supervised by the National Financial System.
COFIDE has prioritised action in four strategic areas: support for investment in production, infrastructure and the environment; support for SMEs; support for the process of financial inclusion and the achievement of management excellence.