Key facts
- The World Bank Group has opened a new office in Madrid.
- The office aims to boost private investment in emerging markets, particularly in Latin America and Africa.
- It will serve as a central point for Spanish companies, government, investors, and civil society to access financing and risk-reduction tools.
- Spain's expertise in financial services, water management, sustainable tourism, and resilient infrastructure will be leveraged.
- The International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) manage portfolios close to $5 billion with Spanish companies.
The World Bank Group has established a new office in Madrid, Spain, with the objective of enhancing cooperation and stimulating private investment in developing regions. This initiative aims to leverage Spain's expertise and its strong ties with Latin America and Africa to mobilize private capital for development projects.
The Madrid office will consolidate various institutions of the World Bank Group, serving as a crucial liaison for the Spanish government, businesses, investors, academic institutions, and civil society. Its primary goal is to simplify access to financing, guarantee instruments, and risk mitigation tools for Spanish companies looking to invest in emerging markets. The focus will be on sectors where Spain holds international leadership, including financial services, water management, sustainable tourism, and resilient infrastructure.
Makhtar Diop, Managing Director of the International Finance Corporation (IFC), emphasized that the new office will facilitate collaboration with Spanish companies and investors to increase private investment in emerging economies. He noted Spain's extensive expertise in key development sectors and its ability to help mobilize private capital, offer innovative solutions, and create essential jobs.
Economy Minister Carlos Cuerpo underscored the office's potential to unlock new opportunities for Spanish businesses and solidify Spain's position as a vital partner for multilateral organizations and a champion of multilateralism. Spain's engagement with the World Bank Group extends to its role as a shareholder and its cooperation in areas such as sustainable finance, climate change adaptation, infrastructure, health, migration, and support for heavily indebted nations.
This move reinforces Madrid's status as a host city for multilateral organizations and a center for international development finance. Spain has a long-standing relationship with the World Bank Group, spanning nearly seven decades, and has become a significant European partner in promoting private investment. Currently, the IFC and MIGA manage portfolios totaling close to $5 billion (4.375 billion euros) in conjunction with Spanish companies operating in emerging markets, a figure the new office intends to expand.