COFIDES
COFIDES is Spain's state-owned development finance institution, backing the internationalisation of Spanish companies and impact investment.
Founded
1988COFIDES is Spain's state-owned development finance institution, backing the internationalisation of Spanish companies and impact investment.
COFIDES can take positions that purely commercial lenders will not, because its mandate rests on additionality rather than maximum return. It combines state funds, its own balance sheet and third-party institutional resources into a single financing offer, and can hold equity as well as lend.
Its accreditations widen that reach further: COFIDES is one of the entities accredited to manage the European Union's development budget through blending, and it is accredited to the United Nations Green Climate Fund. It was a founding member of EDFI, the association of European development finance institutions, and has held board seats at EFP and ICCF since their creation. It holds ISO 9001 certification for quality management.
Source: cofides.es
Demand for blended and impact capital has grown as public funders push climate and development mandates alongside commercial return. COFIDES sits squarely in that shift, and its 2025 financing of climate action and sustainability reached 202 million euros.
Its newer vehicles were built for that demand. The Social Impact Fund has a 400 million euro endowment, and the Kuali Fund targets 200 million euros as the first Spanish project backed by the United Nations Green Climate Fund. Recent deals show the funds moving into energy transition and agrifood: 40 million euros into Elian Barcelona through FOCO, 25 million euros into SWEN Terra through FIS, and a 29 per cent joint stake with Hy24 in the Onuba green hydrogen project.
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COFIDES is a Spanish state-owned company whose shareholding is 53 per cent Spanish State, with Banco Santander, BBVA, Banco Sabadell and CAF, the Development Bank of Latin America, holding the remainder. It is attached to the Secretariat of State for Trade.
The company manages public money rather than raising it. The state funds FIEX, FONPYME, FONREC, FOCO and FIS sit alongside its own resources and third-party institutional capital. Its stated purpose is to back private investment serving Spanish internationalisation, the attraction of foreign investment and impact, and it reports on each fund through an integrated annual report.
Source: cofides.es