Spain will provide Colombia with financial assistance of up to €1 billion

News - 2023.5.4

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According to the agreement, both countries will promote, support and facilitate the implementation of projects that contribute to the economic and social development of the Republic of Colombia and the internationalisation of Spanish companies.

To achieve this objective, Spain will make financial assistance available to Colombia through funds such as FIEM, or those managed by COFIDES. Export and investment credits insured with the official support of CESCE, up to a maximum of 1 billion euros, will also be considered.

Priority sectors for funding include infrastructure, renewable energy, information technology, water management, telecommunications, solid waste treatment and the promotion of sustainable tourism.

The agreement was signed during a Spain-Colombia business meeting where Minister Héctor Gómez highlighted Spain's continued interest in finding ways to collaborate in order to develop projects and new investments in Colombia.

"This business meeting is another sign of the excellent relationship between Colombia and Spain. I would like to highlight the significant presence of Spanish companies in Colombia and the firm and solid commitment they continue to make to the growth and sustainable development of this country. Today there are more than 800 Spanish companies established in Colombia, in all sectors of the economy; they enjoy a great experience and standing and are committed to Spanish economic and social development", said the Spanish Minister of Industry.

Colombia as a strategic Spanish partner

According to data from the Bank of the Republic of Colombia, in 2022, Spain invested $2.7373 billion dollars in Colombia, behind only the US, which invested $4.9755 billion. According to the same source, the accumulated stock of Spanish investment in Colombia amounts to $28.3 billion, a figure that illustrates the importance that Spanish companies attach to the country.

"I would like to emphasise the Government of Spain's support for Colombia as an attractive country for foreign investment. I take this opportunity to congratulate Colombia on the successful internationalisation of its economy, fostering an attractive and competitive environment for receiving foreign investment," said Héctor Gómez.

Throughout 2022, Spain exported €1.47042 billion and imported €1.5559 billion euros, resulting in a trade balance favourable to Colombia. Spain also ranks as the 9th biggest country of origin for Colombian imports and 11th as a destination for its exports.

Héctor Gómez concluded by hoping that "the next Spanish presidency of the Council of the EU in the second half of 2023 will offer us the opportunity to reshape Community interests and put the EU's relations with Latin America at the forefront. The EU-CELAC summit, scheduled to take place in Brussels in July, will be the perfect forum for boosting these relations, which Spain wants to lead". These messages were scheduled by the Spanish minister with his Colombian counterpart at a bilateral meeting held yesterday (Wednesday) in Madrid.

Non official translation

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