Press Release: IFC and Spain Renew Partnership to Boost Private Sector Development in Latin America and Africa
Reinforcing a longstanding partnership, IFC and the Spanish Ministry of Economic Affairs and Digital Transformation announced the replenishment of Spain-IFC Technical Assistance Trust Fund at the Annual Meetings of today, aiming to boost private sector investments in Latin America and Africa. The Spanish Government will provide €4 million to replenish the Trust Fund.
Spain’s support will bolster IFC’s efforts to help create markets and jobs and fuel economic recovery in the two regions, which have been severely impacted by a confluence of crises including climate change, supply chain disruptions, high inflation and knock-on effects of the war in Ukraine. The partnership aims to support economic and social resilience with a focus on areas such as climate change, financial services, gender, and renewable energy, among others.
“Public-private collaboration is essential to tackle current challenges and face the needs of the twin green and digital transitions” said Nadia Calviño, Spanish Deputy Prime Minister and Minister of Economic Affairs and Digital Transformation. “IFC has a key role to play in mobilizing investment at a global scale. Spain is a key partner of the World Bank Group and we will continue to contribute to this objective.”
The replenishment will help fund IFC’s regional advisory and upstream efforts, which are designed to create market conditions that attract capital and lead to sustainable investments. The support will also enable IFC to work with clients to improve their operations while strengthening local supply chains and communities.
“As economies in Latin America and Africa navigate new challenges in the face of overlapping global crises, the support of partners such as Spain will enable IFC to deliver on its important development mission” said Makhtar Diop, IFC’s Managing Director. “With the replenishment of the Spain Global Trust Fund, we are determined to further support our clients while helping them realize their economic potential through increased private sector investments, contributing to green growth, inclusion, and job creation.”
Since 1998, IFC’s partnership with Spain has funded a wide range of advisory and upstream projects in infrastructure, financial sector development, investment climate, and other areas across the globe. IFC also partners with multinationals and mid-sized firms that are interested in investing in emerging markets. As of June 2022, IFC had a long-term committed investment portfolio of close to $2.8 billion with Spanish partners spread across several sectors and regions.
Photo courtesy of PublicDomainPictures.
Source: IFC (link opens in a new window)