Council of Ministers authorises six FONPRODE operations for development projects

​The Council of Ministers has authorised six financial cooperation operations charged to the Fund for Development Promotion (Spanish acronym: FONPRODE), a key instrument in forging the alliances necessary to fight COVID-19, within the framework of the Joint Response Strategy of Spanish Cooperation to the Covid-19 Crisis and to meet the Sustainable Development Goals (SDG) of the 2030 Agenda.

Specifically, the Council of Ministers has authorised loans for the co-financing of two important irrigation development projects in Mali and Senegal together with the World Bank, a rural development project in Honduras and a re-fitting and enhancement of historic centres project in Peru, in these latter two cases with the Inter-American Development Bank. It also authorised a financial inclusion loan for the entity “Contactar” in Colombia and the acquisition of shares in the Pomona II Fund to perform development investments in Central America and the Andes region.

With the approval of these projects, which amount to close on 85 million euros, a major boost is given to financial cooperation implemented through FONPRODE in priority regions and sectors for Spanish Cooperation.

Financial cooperation is called on to play a key role in Spanish and European Union cooperation in the coming years. On the one hand, as an instrument that allows funds to promote development in partner countries to be raised and catalysed and, on the other hand, as a mechanism that leads to forces being joined among different parties to cooperation, including the private sector, with the aim of achieving the Sustainable Development goals in the crucial “decade for action” of the 2030 Agenda and in a context in which Spain and its partner countries have been seriously affected by COVID-19.

FONPRODE was set up in 2010 as an exclusively financial development cooperation instrument through loans under concessional terms and non-repayable operations related to these, among others. To date, it has played an important role in the field of financial inclusion, in the development of water and sanitation programmes and development programmes aligned with the priorities of Spanish cooperation and the development of partner countries.

Over the coming months, FONPRODE will make a major contribution to support partner countries in the fight against COVID-19, within the framework of the Joint Response Strategy of Spanish Cooperation to the Covid-19 Crisis, presented today by the Minister for Foreign Affairs, European Union and Cooperation, Arancha González Laya, to the Council of Ministers.





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