COFIDES — Spanish Development Finance Company (Compañía Española de Financiación del Desarrollo)

COFIDES is Spain's state-owned development finance institution, or DFI, and it has operated since 1988. The Spanish state holds 53% and private banks plus CAF hold the rest, which gives it a hybrid public-private structure for channeling medium- and long-term capital into policy-aligned investment.

Its core instruments are loans, equity, guarantees, and first-loss tranches, so it works as financi…