# Cofides > Mediated Wiki article. Canonical URL: https://mediated.wiki/source/Cofides > Markdown URL: https://mediated.wiki/source/Cofides.md > Source: https://en.wikipedia.org/wiki/Cofides > Source revision: 1311022905 > License: Creative Commons Attribution-ShareAlike 4.0 International (https://creativecommons.org/licenses/by-sa/4.0/) {{Infobox company | name = Cofides | native_name = Compañía Española de Financiación del Desarrollo | native_name_lang = el | logo = Logotipo Cofides.svg | caption = | type = | industry = [Asset management](/source/Asset_management) | foundation = {{Start date|1988}} | founder = | location_city = [Madrid](/source/Madrid) | location_country = [Spain](/source/Spain) | area_served = | key_people = José Luis Curbelo Ranero ([President](/source/President_(corporate_title))) | products = | services = | revenue = {{increase}} [€](/source/Euro)45.5 million (2023) | assets = {{increase}} [$](/source/US_dollar)6.04 billion (2025) | owner = [Spanish government](/source/Government_of_Spain) (ca. 50%) | num_employees = 99 | num_employees_year = 2023 | parent = | homepage = {{URL|https://www.cofides.es/}} }} The '''Compañía Española de Financiación del Desarrollo''' '''(COFIDES)''' ([English](/source/English_language)''':''' Spanish Development Finance Company), better known by its acronym '''Cofides''', is a [Spanish](/source/Spain) public company that provides financial support for investments by Spanish companies abroad. This financial support is provided from its own funds and from public funds from the [Spanish government](/source/Government_of_Spain).{{cite web|access-date=2025-07-18 |title=Largest And Global Sovereign Wealth Fund Institute {{!}} SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05ad72}} Like [France](/source/France)'s [Bpifrance](/source/Bpifrance) and [Italy](/source/Italy)'s [Cassa Depositi e Prestiti](/source/Cassa_Depositi_e_Prestiti), it is also considered a [sovereign wealth fund](/source/sovereign_wealth_fund).{{cite web|access-date=2025-07-18 |title=About us {{!}} COFIDES |url=https://www.cofides.es/en/about-us}} It is a mixed capital company, majority-owned by the public sector, but in which some of Spain's largest banks and the [Development Bank of Latin America and the Caribbean](/source/Development_Bank_of_Latin_America_and_the_Caribbean) also have a stake. The company's headquarters are located at ''Paseo de la Castellana 278'' in [Madrid](/source/Madrid), in a building it shares with its main shareholder, [ICEX España Exportación e Inversiones](/source/ICEX_Espa%C3%B1a_Exportaci%C3%B3n_e_Inversiones).{{Cite web |date=2015-02-12 |title=La antigua sede de Repsol en la Castellana albergará la del ICEX y Cofides |url=https://www.lavanguardia.com/economia/20150212/54426102491/la-antigua-sede-de-repsol-en-la-castellana-albergara-la-del-icex-y-cofides.html |access-date=2025-08-31 |website=La Vanguardia |language=es}} In 2025, assets under management ([AUM](/source/Assets_under_management)) were estimated at $6.04 billion.{{cite web|access-date=2025-07-18 |language=en |title=COFIDES (Spain) - Fund Profile - |url=https://globalswf.com/fund/COFIDES}} == History == The establishment of this company was approved by a ministerial council agreement on February 12, 1988, and formalized by public deed on December 29, 1988. With the passing of Law 66/1997 of December 30 on fiscal, administrative, and social policy measures, it was entrusted with the administration of three public funds:{{Cite web |title=BOE-A-1997-28053 Ley 66/1997, de 30 de diciembre, de Medidas Fiscales, Administrativas y del Orden Social. |url=https://www.boe.es/buscar/act.php?id=BOE-A-1997-28053 |access-date=2025-08-31 |website=www.boe.es}} * the Guarantee Fund for the Financing of Foreign Investments, * the Fund for Foreign Investments, and * the Fund for Foreign Investments for Small and Medium-Sized Enterprises. The latter two still exist today and are managed by Cofides. The company manages two funds on behalf of the state, FIEX and FONPYME. COFIDES kept a low profile as a public investor until it recently established a joint venture with Oman's [SGRF](/source/Oman_Investment_Authority) to invest in both Omani and Spanish companies. In doing so, it followed other European SDFs such as Russia's [RDIF](/source/Russian_Direct_Investment_Fund), France's Bpifrance, and Italy's [CDP Equity](/source/CDP_Equity).{{cite web|access-date=2025-07-18 |language=en |title=COFIDES (Spain) - Fund Profile - |url=https://globalswf.com/fund/COFIDES}} In the following years, new funds were introduced, like a [COVID-19](/source/COVID-19_pandemic) recovery fund in 2021. The most recent of these was the Social Impact Fund, established in June 2024.{{cite web|access-date=2025-07-18 |author=ianlewis |date=2025-01-10 |language=en-US |title=Spain’s COFIDES makes first investments from EU-backed funds |url=https://impact-investor.com/spains-cofides-makes-first-investments-from-eu-backed-funds/}} Similarly, in recent years, the government has promoted the expansion of the number of private shareholders and integrated new shareholders, such as [Banco Popular](/source/Banco_Popular_Espa%C3%B1ol) in December 2013 and the Development Bank of Latin America and the Caribbean the following year. == Ownership == Cofides has a mixed ownership structure, meaning that its capital is divided between public and private institutions:{{cite web|access-date=2025-07-18 |title=About us {{!}} COFIDES |url=https://www.cofides.es/en/about-us}} === Public owners === * ICEX Spain Export and Investment: 25.74%. * [Official Credit Institute](/source/Official_Credit_Institute): 20.31%. * ENISA: 7.63%. === Private owners === * [Banco Santander](/source/Banco_Santander): 20.17%. * [BBVA](/source/Banco_Bilbao_Vizcaya_Argentaria): 16.68% . * [Banco Sabadell](/source/Banco_Sabadell): 8.33% . * CAF – [Development Bank of Latin America and the Caribbean](/source/Development_Bank_of_Latin_America_and_the_Caribbean): 1.14% . == Memberships == Cofides is a member of the [International Forum of Sovereign Wealth Funds](/source/International_Forum_of_Sovereign_Wealth_Funds) (IFSWF) and has therefore also committed itself to the [Santiago Principles](/source/Santiago_Principles) for appropriate conduct and proper business practices. == References == {{reflist}} Category:Economy of Spain Category:Sovereign wealth funds Category:Investment funds Category:1988 establishments in Spain Category:Government-owned companies of Spain Category:Asset management companies --- Adapted from the Wikipedia article [Cofides](https://en.wikipedia.org/wiki/Cofides) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Cofides?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.