The Diplomat
Last Wednesday, the Council of Ministers approved a series of operations, including donations, credits, purchases of shares and debt securities, carried out by the Fund for the Promotion of Development (FONPRODE) for a total value of more than 375 million euros.
On the one hand, the Executive authorized the granting of several loans: one hundred million euros to Banco BTG Pactual, S.A., Brazil; 30 million dollars (more than 27 million euros) to Tanzania for the financing of the Msimbazi River Basin Development Project in Dar Es Salaam; of more than nine million euros to Senegal to finance a project to support agricultural development and rural entrepreneurship; of ten million dollars (more than nine million euros) to Caja Central FINANCOOP of Ecuador; of three million dollars (2.7 million euros) to Consultores de Servicios Various S.A. de C.V., SOFOM, E.N.R., of Mexico and 50 million euros to the Small and Medium Enterprises Development Organization of the Republic of Turkey.
Likewise, the Council of Ministers authorized several donations for technical assistance: specifically four million euros for the financing of the Paulo Freire II Project to the State of Ceará, in Brazil; 3.5 million euros for the impact investment vehicle Global Social Impact Fund; one million euros for the impact investment vehicle E3 Low Carbon Economy Fund Sociedad Comanditaria Simple, Sociedad de Inversión de Capital Variable – Reserved Alternative Investment Fund; one million dollars (900,000 euros) for the impact investment vehicle EWA Latam Fund II, Limited Partnership; of $265,682 to the World Bank for the preparation and supervision of the post-earthquake Micro, Small and Medium Enterprises recovery project in Turkey; $680,000 for the preparation and supervision of the Msimbazi River basin development project in Dar Es Salaam; and $445,000 for the International Fund for Agricultural Development, or the supervision of a rural project in Senegal.
The amounts authorized by FONPRODE include two acquisitions of shares in the Catalyst Mena Climate Fund 2 Société en Commandite Spéciale fund (20 million dollars, 18 million euros) and in the Mediterrania Capital IV Mid-Cap Spanish Fund Capital Fund Risk (30 million euros) and the acquisition of debt securities of the special purpose company Kuali Fund Special Vehicle Société à Responsabilité Limitée, for 50 million euros.
FONPRODE is one of the main financial instruments of Spanish Cooperation, administered by the Spanish Agency for International Development Cooperation (AECID) and whose objective is to guarantee the response capacity of Spanish Cooperation to the needs and objectives set by the policy. of development cooperation, which makes it one of the main channels for the execution of development aid.
