This declaration was signed in the presence of the Minister of Industry and Commerce, Ryad Mezzour, and the Spanish Minister of Industry, Commerce and Tourism, Reyes Maroto, indicates a press release from Ithmar Capital.
Active partners in the international investor landscape, Ithmar Capital and COFIDES share a foundation of expertise in favor of economic development, the same source said.
In this respect, the two financial institutions recognize that the respective economies of Morocco and Spain offer significant opportunities for collaboration in strategic sectors, such as infrastructure, energy transition, agro-industry, automotive, and digitalization.
Furthermore, both entities consider that they can play a strategic role in supporting the internationalization of Moroccan and Spanish companies that aim to expand their activities in Morocco and Spain, but also in other broader geographical areas.
As a result, this signature demonstrates the willingness of the two partners, Ithmar Capital and COFIDES, to continue the dialogue and intensify cooperation in order to identify projects and materialize investments in line with their strategic interests.
On this subject, Obaid Amrane, Managing Director of Ithmar Capital, indicated that “the Joint Declaration is a new achievement of cooperation that is part of the distinguished bilateral relations shared by our two countries, as well as the dynamic that connects them. This signature demonstrates a shared desire of both parties to work together on concrete investment projects.”
COFIDES President and CEO José Luis Curbelo said that “COFIDES and Ithmar Capital not only share common goals to have a significant impact on the current economic transition, but are also willing to join efforts to finance private sector investments in both countries. We believe that the declaration signed today will strengthen the collaboration between the two neighboring countries.”
COFIDES is a public company that manages the resources of the State, third parties and its own funds. It pursues several objectives, including the internationalization of the Spanish economy, the promotion of economic development and the strengthening of the solvency of Spanish companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
Created in 2011, Ithmar is a strategic investment fund whose primary vocation is to support the economic development of Morocco. A multi-sector fund, Ithmar aims to promote investment in all national strategic sectors by developing structuring and transformational projects with a strong impact. A strategic link between national priorities and private investment, Ithmar acts as a trusted third party and adopts a long-term intervention logic, thus strengthening its position as a wise and patient investor.
Acting as a growth factor serving future generations, Ithmar is committed to a sustainable economy and intergenerational equity.
As a sovereign fund, Ithmar has adhered since 2015 to the Santiago Principles, which are supported by the International Forum of Sovereign Wealth Funds (IFSWF) and of which it currently chairs the board of directors.
2024-08-14 21:22:44