Spain approves loans for 65 million euros for development in Ibero-America and Africa

The Diplomat The Council of Ministers has given the green light, between May and June, to seven important financial cooperation operations through the Fund for the Promotion of Development (FONPRODE) for projects in Ibero-America and for a total amount of more than 65 million euros - As reported this week by the Spanish Agency for International Development Cooperation (AECID), three important investments have been authorized in Latin America. The first was the acquisition of stakes in the Alma Mundi Insurtech Latam Fund (AMIL) investment fund, which will invest in companies in the insurtech sector in Mexico, Brazil and Colombia. This initiative will contribute to Sustainable Development Goals (SDGs) 2 (Zero Hunger), 4 (Quality Education), 6 (Clean Water and Sanitation), 8 (Decent Work and Economic Growth), 9 (Industry, Innovation and Infrastructure) , 11 (Sustainable Cities and Communities) and 12 (Responsible Production and Consumption). The second operation was the capital increase in the Pomona Impact Fund II, L.P., designed to finance small businesses with high growth potential in Central America, also extending to Mexico, Colombia and Ecuador. The third investment in this region was the contribution of capital to the EWA Latam Fund II, Limited Partnership, a fund focused on supporting development projects that promote environmental sustainability and inclusive economic growth. In Africa, the Council of Ministers has authorized the contribution of quasi-equity (a form of debt with equity elements and not secured by any collateral) to Darway Coast P3 Limited, intended for the development of renewable energy projects in Nigeria. This operation, which will benefit more than a million people, has the partial guarantee of the European Commission. Investment has also been approved in the Global Social Impact Fund (GSIF) vehicle, whose objective is to improve the mobility and economic and social inclusion of the most vulnerable population in Sub-Saharan Africa through high-impact investment instruments. Additionally, a credit has been approved to the Republic of Rwanda to finance the Project to Promote the Competitiveness of Agro-Exports for Small Farmers, in co-financing with the International Fund for Agricultural Development (IFAD). “These operations, which total more than 65 million euros in total, underline the dedication of Spanish Cooperation to promoting sustainable development and reducing poverty in Latin America and Africa,” highlighted the AECID.

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