Spain and Qatar promote a framework for economic cooperation and investment

Moncloa Palace, Madrid

The two countries have agreed to establish an institutional framework for collaboration and cooperation that will be implemented, on the Spanish side, by Compañía Española de Financiación al Desarrollo (COFIDES), a company with a majority of publicly-owned capital under the authority of the Ministry of Industry, Trade and Tourism, and on the Qatari side, by the Qatar Investment Authority (QIA). Both entities will work on the establishment of a joint investment venture to carry out projects in regions of mutual interest, with special emphasis on Latin America.

During the meeting, the Deputy Prime Minister of Qatar conveyed his confidence in the evolution and soundness of the Spanish economy. Qatar has important investments in Spain, mainly through its sovereign fund (Qatar Investment Authority). The Deputy Prime Minister has expressed his will to significantly increase QIA's investments in Spain.

Joint statement concerning investment cooperation between the State of Qatar and the Kingdom of Spain

At the occasion of the visit of His Excellency Sheikh Mohamed Bin Abdulrahman Bin Jassim Al-Thani, Vice Prime-Minister and Minister of Foreign Affairs of Qatar and following his meeting with the President of the Government of Spain, Excmo. Sr. D. Pedro Sánchez Pérez-Castejon, both governments:

Express the intention to encourage our joint cooperation and foster the bilateral economic relationship between both countries, including specifically in areas related to the promotion of foreign direct investment in both, Spain and in countries of common interest, with particular focus in the Latin American region.

Agree to establish an institutional framework of collaboration and cooperation to achieve the previously defined aims. To such a purpose, the Qatar Investment Authority (henceforth "QIA") and the Compañía Española de Financiación al Desarrollo (henceforth "COFIDES"), will work together to advance a further Memorandum of Understanding establishing operational guidelines and procedures to promote joint business and investment opportunities.

COMPAÑÍA ESPAÑOLA DE FINANCIACIÓN DEL DESARROLLO COFIDES, S.A, is a Spanish company founded in 1988 belonging to the Spanish public sector (Secretary of State of Trade - Spanish Ministry of Industry, Trade and Tourism) as bilateral financial development institution, which aim is to facilitate the internationalization of Spanish corporations while contributing to the development of hosting countries.

QATAR INVESTMENT AUTHORITY, is an entity of the State of Qatar established by the Amiri Decision No. (22) of the year 2005 as amended. QIA's mission is to invest, manage and grow Qatar's reserves to create long-term value for the State and future generations.

Non official translation