IDB Invest and SOFID sign co-financing agreement

IDB Invest, a member of the Inter-American Development Bank (IDB) Group, and SOFID (Sociedade para o Financiamento do Desenvolvimento, Instituição Financeira de Credito, S.A.) will actively collaborate to promote investments in Latin America and the Caribbean with a focus in Central America and the Caribbean for projects aimed at agribusiness, energy, tourism and finance.

The Framework Co-financing Agreement was signed during the Bank’s annual informal meetings with representatives of its non-regional member countries held in Lisbon between January 29 and 30, 2018.

Through this agreement, IDB Invest will propose to SOFID potential operations for co-financing between both entities. This agreement aims to deepen the coordination that SOFID has with the IDB Group and to jointly develop a portfolio of co-financed operations in Latin America and the Caribbean. The framework agreement aims to channel resources for blended financing operations and delegated cooperation.

About SOFID

SOFID is a financial institution founded in 2008. Its majority shareholder is the Portuguese State together with the four largest Portuguese banks (BPI, BES, CGD and Millennium BCP) and CAF – Corporación Andina de Fomento. SOFID is mandated to support companies by providing them with medium- to long-term finance, as long as the underlying investment projects promote sustainable economic development in developing countries. SOFID supports projects targeted at agribusiness, industry, energy, tourism and finance. Based on a wide network of partners, SOFID mitigates risk by entering into co-financing agreements with local banks.

Original source: IADB
Published on 29 January 2018