Cofides

What Cofides does

COFIDES (Compañía Española de Financiación del Desarrollo, S.A., S.M.E.) is a Madrid-headquartered state-owned public-private financial company founded in 1988, jointly held 53% by the Spanish State and 47% by Banco Santander, BBVA, Banco Sabadell and CAF (Banco de Desarrollo de América Latina y el Caribe). Its functional mission is to provide medium- and long-term debt and equity financing (ticket sizes €75K–€60M under a risk-sharing criterion that typically caps COFIDES's contribution at the promoter's) for viable private investment projects in which there is Spanish economic interest. It serves four primary customer segments: Spanish companies internationalising abroad (via own resources, FIEX and FONPYME), Spanish impact and social-economy entities (via the FIS Social Impact Fund, €400M endowment), Spanish businesses attracting foreign investment (via the FOCO Co-Investment Fund, €2,000M endowment), and viable private projects in developing/emerging economies (via FONPRODE and EU Blending).

Its core product is a unified platform of co-managed public financial instruments — COFIDES own resources, FIEX, FONPYME, FOCO, FIS, FONREC (concluded with 89 companies and €779M), FONPRODE and FEDES — plus a layer of blended-finance structures (Huruma Fund, Kuali Fund, Ispania Growth Fund, SOPEF II) and participations in private-equity and impact vehicles (InfraVia Growth II, SWEN, Vesper, Partech Impact, Creas, Mundi Ventures). It is a founding member of EDFI, an accredited entity before the UN Green Climate Fund, and an EU Blending partner, with board representation on European Financing Partners (EFP), Interact Climate Change Facility (ICCF), AgriFI and ElectriFI.

The business model combines three revenue streams: investment returns from the debt-and-equity portfolio (interest, dividends, capital gains), public fund management mandate fees (origination, structuring, due diligence and monitoring of operations across the state fund vehicles), and blended-finance origination and advisory fees on EU/bilateral co-financed operations. Distribution is direct from Madrid headquarters via the "Preséntanos tu proyecto" submission form, supplemented by the four shareholder banks as referral and co-financing channels, co-investment through private GP partners, and joint origination with regional agencies (e.g., ACCIÓ, Barcelona & Partners).

Name

Cofides

Legal name

Compañía Española de Financiación del Desarrollo, COFIDES, S.A., S.M.E.

Website

https://cofides.es

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

101–250 employees

Short description

COFIDES is a Spanish state-owned public-private financial company (53% State, 47% Santander/BBVA/Sabadell/CAF) that provides medium- and long-term debt and equity financing (€75K–€60M) to Spanish companies internationalising abroad and manages multiple state funds (FIEX, FONPYME, FOCO €2B, FIS €400M, FONPRODE) for development, impact and co-investment.

Ownership category

akta.pro rank

Product category

Development Finance

NAICS

Miscellaneous Intermediation (523910)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Export Credit Agencies (ECAs) & Trade Finance Institutions (BPADACAF)

akta.pro secondary industry

Financial Regulation, AML/CFT & Tax Transparency Cooperation (BPADANAL)

Keywords

• Development finance
• Internationalization financing
• Impact investment funds
• Blended finance
• Co-investment funds

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Technology or R&D

Revenue model

1. Investment returns from portfolio (debt + equity): COFIDES finances projects via medium- and long-term debt instruments (typically loans) and equity/hybrid instruments through its own resources and managed state funds (FIEX, FONPYME, FONREC, FOCO, FIS). Returns come from interest on loans, dividends from equity stakes, and capital gains on exits, with historical risk-sharing criteria where COFIDES does not exceed the promoter's contribution.
2. Public fund management mandate fees: As a sociedad mercantil estatal, COFIDES manages multiple State funds (FIEX, FONPYME, FONREC, FOCO, FIS, FEDES) under direct management mandate from the Secretaría de Estado de Comercio and AECID (FONPRODE). It is also an accredited entity for EU blending budget and Green Climate Fund resources, earning fees for origination, structuring, due diligence and monitoring of operations.
3. Blended finance origination (EU + bilateral): Through the EU Blending instrument, COFIDES combines non-refundable EU contributions with reimbursable COFIDES financing and contributions from national/multilateral development banks (e.g., FONPRODE via AECID) and private sector players. Origination and structuring fees plus ancillary advisory work accompany this activity.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels9 records

Core offering

COFIDES is a Spanish state-owned public-private financial company that provides medium- and long-term debt and equity financing for viable private investment projects abroad where there is Spanish interest, with ticket sizes ranging from €75,000 to €60 million. It directly manages multiple state funds (FIEX, FONPYME, FONREC, FOCO, FIS, FONPRODE) and structures blended-finance operations combining EU grants, multilateral development bank contributions, and private capital. The institution is accredited before the UN Green Climate Fund and is a founding member of EDFI, enabling access to European co-financing vehicles for internationalisation, impact investment, climate action, and development projects.

Product overview

COFIDES (Compañía Española de Financiación del Desarrollo, S.A., S.M.E.) is a Spanish state-owned financial company operating as a unified platform-plus-modules architecture of co-managed public financial instruments, providing medium- and long-term debt and equity financing for private viable investment projects. The core platform consists of COFIDES's own resources alongside managed state funds including FIEX (foreign investment), FONPYME (SME foreign investment), FONREC (COVID-19 recapitalization), FOCO (Co-Investment Fund, €2,000M), FIS (Social Impact Fund, €400M), and FONPRODE (development promotion). On top of these, COFIDES structures and participates in blended-finance facilities (EU Blending, Huruma Fund, Kuali Fund) and co-investment vehicles such as the Spain-Oman Private Equity Fund (SOPEF II), the QIA-COFIDES Ispania Growth Fund, Mundi Ventures LatAm Fund I, Partech Impact Fund, InfraVia Growth II, Vesper Next Generation Infrastructure Fund I, SWEN Impact Fund for Transition 3, Creas Impacto II, and others. It is accredited before the Green Climate Fund (GCF), is a founding member of EDFI, and operates cofinancing vehicles EFP, ICCF, AgriFI, and ElectriFI. COFIDES also directly finances specific companies and projects such as PLD Space (MIURA 5 reusable launch vehicle), OQC Barcelona quantum computing centre, Sacyr's AVO-1 and Ruta 66 in Chile, the Buenaventura-Buga highway in Colombia, Bike Ocasión, Devicare's IP6 International acquisition, Supracafé in Colombia, GH Cranes in Poland, Genesal in Peru, and many other SMEs and growth-stage ventures.

Differentiator

Problem solved

Functional benefit

Brands

• FOCO (Fondo de Coinversión / Co-investment Fund): Public financial instrument under PRTR managed by COFIDES with €2,000 million endowment to attract foreign investment into Spanish strategic sectors (green transition, digital, sustainable mobility, etc.).
• FIS (Fondo de Impacto Social / Social Impact Fund)
• FONREC (Fondo de Recapitalización de empresas afectadas por la COVID-19)
• FIEX (Fondo para Inversiones en el Exterior)
• FONPYME (Fondo para Operaciones de Inversión en el Exterior de la Pequeña y Mediana Empresa)
• Fondo Huruma
• Fondo Kuali

Products and services

• COFIDES Own Resources (Recursos Propios de COFIDES) Medium- and long-term debt and capital financing for private, viable investment projects abroad in emerging or developing countries where there is Spanish interest, with ticket sizes between €75,000 and €60 million per project under a risk-sharing criterion.
• FIEX (Fondo para Inversiones en el Exterior) State fund for foreign investments managed by COFIDES that finances viable private investment projects abroad in any country in the world where there is Spanish interest, complementing COFIDES's own resources.
• FONPYME (Fondo para Operaciones de Inversión en el Exterior de la Pequeña y Mediana Empresa) State fund managed by COFIDES specifically aimed at financing foreign investment operations of Spanish small and medium-sized enterprises (SMEs), supporting their international expansion with smaller ticket sizes.
• FONREC (Fondo de Recapitalización de empresas afectadas por la COVID-19) COVID-19 recapitalization fund managed by COFIDES to reinforce the solvency of Spanish companies severely affected by the pandemic; concluded with 89 companies supported and €779 million committed, estimated to have preserved 36,942 jobs (39% female-held).
• FOCO (Fondo de Coinversión / Co-Investment Fund) Public financial instrument with €2,000 million endowment managed by COFIDES to mobilize foreign investor resources toward productive investments by private companies in Spanish territory in PRTR-aligned strategic sectors (green and digital transitions, sustainable mobility, biotechnology, sustainable agriculture, technological innovation, sustainable infrastructure). Ticket sizes of €10-150 million per operation; maximum €150 million per group sponsor or fund.
• FIS (Fondo de Impacto Social / Social Impact Fund) Public financial instrument managed by COFIDES with a €400 million endowment (from the Recovery, Transformation and Resilience Plan PRTR and NextGenerationEU) supporting impact investment in Spain through subscription of participations in impact funds, direct investment via co-investment/co-financing, and direct reimbursable financing (loans, participative loans, other financial instruments). Endless duration (revolving). Indirect operations: max €50M commitment, min €2M ticket. Direct operations: max aggregated €40M per sponsor, min €300,000 per operation; co-investment agreements max €50M / min €4M.
• FONPRODE (Fondo para la Promoción del Desarrollo) Development Promotion Fund managed with AECID (Agencia Española de Cooperación Internacional para el Desarrollo) support, providing reimbursable financing for sustainable development in emerging and developing economies.
• EU Blending (Blending UE) EU blended finance mechanism managed by COFIDES that combines non-reimbursable EU contributions with reimbursable financing mobilized by COFIDES, optionally complemented by other national/multilateral financial institutions, the private sector, or the beneficiary country itself.
• Huruma Fund (Fondo Huruma) Spain's first impact investment fund led by COFIDES, which has mobilized €90 million from private investors to finance small and medium-sized farmers in Latin America, the Caribbean, Sub-Saharan Africa and Asia.
• Kuali Fund (Fondo Kuali) Pioneer Spanish climate mitigation and adaptation fund with target size over €200 million; the first Spanish project supported by the United Nations Green Climate Fund. Mobilizes €200 million via a SICAR with parallel securitization vehicle, plus a €12.25 million Technical Assistance Facility. Aims to help transform Latin American, Caribbean and Indian economies into low-carbon economies by supporting financial service providers (PSFs) and innovative climate companies.
• EFP (European Financing Partners) Co-financing instrument created by EDFI and the European Investment Bank (EIB) to finance private viable investment projects in developing and emerging economies. COFIDES participates since its creation and is on the Board.
• SOPEF II (Spain Oman Private Equity Fund) €100 million private equity fund that extends the collaboration between COFIDES and Oman Investment Authority (OIA).
• Ispania Growth Fund €300 million joint investment fund established by COFIDES and the Qatar Investment Authority (QIA) to support Spanish SMEs in green transition, digital transformation, and technological innovation. Managed by Portobello Capital and operated through COFIDES's FOCO public co-investment vehicle.
• FEDES Fund listed among COFIDES-managed financial instruments for development financing.

Quantifiable outcome

• €1,017 million total investment portfolio (internationalisation projects)
• +6 more outcomes

Named customers21 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• IDB Invest: Private-sector arm of the Inter-American Development Bank Group financing Latin American and Caribbean businesses with debt, equity and blended finance. Direct functional peer in COFIDES's LatAm and Kuali Fund operations, and an anchor co-investor alongside COFIDES in the Mundi Ventures LatAm Fund I.
• British International Investment (BII, formerly CDC Group): UK development finance institution investing across Africa, South Asia and the Caribbean in climate, infrastructure and growth capital. Direct EDFI peer with similar blending and direct-investment instruments; BII is significantly larger in AUM and operates without COFIDES's Spanish-export mandate.
• FMO (Netherlands Development Finance Company): Dutch bilateral DFI providing debt, equity and mezzanine to private sector projects in developing countries with explicit focus on climate, financial inclusion and impact investing. Direct EDFI counterpart to COFIDES, with overlapping blended-finance vehicles (incl. AgriFI, ElectriFI) and similar fund-of-funds strategy.
• SIMEST: Italian state-owned finance company (part of CDP Group) supporting Italian SMEs and corporates investing abroad through equity, loans and export credit. Closest functional peer to COFIDES's FIEX/FONPYME internationalisation mandate, with the same 'export-supporting national champion' structure.
• DEG (Deutsche Investitions- und Entwicklungsgesellschaft): German DFI subsidiary of KfW providing long-term financing for private companies in developing and emerging markets. Compares to COFIDES in EDFI co-financing arrangements (EFP, ICCF), ticket sizes and use of own resources plus state-mandated funds.
• Proparco: French development finance institution (subsidiary of AFD/Agence Française de Développement) financing private investment in developing and emerging economies via debt, equity and guarantees. Highly comparable to COFIDES in mission, instruments and EDFI membership; Proparco operates a larger capital base with a broader geographic mandate across Africa, Asia and the Mediterranean.

Broad incumbents

• Bpifrance: French public investment bank covering SME financing, innovation capital, export credit and development finance (through its subsidiary Proparco). Overlaps with COFIDES on FOCO-equivalent foreign-investment attraction and FIS-equivalent impact investing, but operates at a much larger scale and broader mandate.
• European Investment Fund (EIF): EU specialised body providing SME financing through venture capital, guarantees and securitisation. EIF is a co-investor in the Partech Impact Fund alongside COFIDES/FIS; comparable as a European-level institutional investor with overlapping impact-investing and SME financing mandates.
• Instituto de Crédito Oficial (ICO): Spanish state-owned financial institution providing financing to SMEs and large corporates in Spain; ICO holds a board seat at COFIDES and is the natural domestic counterpart for FOCO/FIS capital absorption. ICO is broader and larger; COFIDES is the specialised vehicle for internationalisation and impact.
• AECID (Agencia Española de Cooperación Internacional para el Desarrollo): Spanish development cooperation agency managing FONPRODE and contributing the €50M concessional tranche to the Kuali Fund alongside COFIDES. Co-manages development finance instruments with COFIDES rather than directly competing; both share board representation and joint deal origination.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/COFIDES
• YouTubeyoutube.com/channel/UCm34Y4FfTJetdqQigoOzzsg
• LinkedInlinkedin.com/company/cofides

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments58 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cofides