First vice-president and economy minister Carlos Cuerpo presents Spain as a key hub for multilateral institutions after the opening of the World Bank office.
The World Bank Group announced on Monday the opening of an office in Madrid, a step aimed at strengthening its cooperation with Spain and facilitating the mobilisation of private capital for development projects in Latin America, Africa and other emerging markets. The new office will bring together, for the first time in Spain, the different institutions of the World Bank Group, becoming a contact point for the government, businesses, investors, universities and civil-society organisations.
ADVERTISEMENT
ADVERTISEMENT
The aim is to give Spanish companies easier access to financing, guarantee instruments and mechanisms to reduce the risk of their investments in developing countries. The Madrid office will deepen cooperation with Spanish companies, institutions and organisations interested in emerging markets, fostering partnerships in sectors where Spain is an international leader, such as financial services, water management, sustainable tourism and resilient infrastructure.
Spain as a benchmark for multilateralism
The Managing Director of IFC, Makhtar Diop, stressed that the new office will make it easier to work with Spanish companies and investors to boost private investment in emerging markets.
For his part, Economy Minister Carlos Cuerpo said the office would open up new opportunities for Spanish companies and reinforce the role of Spain as a key partner for multilateral institutions and a standard-bearer for multilateralism.
Spain is also involved in the World Bank Group’s strategy as a shareholder and cooperates in programmes linked to sustainable finance and climate-change adaptation, infrastructure, health, migration and support for countries with high levels of debt.
Diop: Mobilising private capital, offering innovative solutions and creating jobs where they are needed most
The Managing Director of the International Finance Corporation (IFC), Makhtar Diop, posted on his X account: "I am pleased to be in Spain, where the World Bank Group is opening a new office in Madrid, further strengthening its partnership with the country. Spain brings extensive expertise and investment in key sectors for development, from finance, infrastructure and water to tourism and industry, which helps us mobilise more private capital, offer innovative solutions and create jobs where they are needed most."
A boost to private investment
The opening of the office strengthens the role of Madrid as a host city for multilateral organisations and as a platform for international development finance. Spain has maintained a close relationship with the World Bank Group for almost seven decades and has established itself as one of its main European partners in promoting private investment.
At present, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) each manage portfolios close to 5 billion dollars (4.375 billion euros) with Spanish companies in emerging markets. The new office aims to expand that cooperation, particularly by leveraging Spain’s ties with Latin America and its growing corporate presence in Africa.
