Madrid – August 2018.
The European Commission has accredited COFIDES, the Spanish Company of Development Financing, as manager of the first blending project in Spain. The project will materialize in the constitution of an investment fund, called Huruma, which has the aim of improving access to financing and financial offerings for small or excluded farmers in developing countries, mainly in the regions of Latin America, the Caribbean and sub-Saharan Africa.
As a blending initiative, the EU will contribute public EUR 20 million to the fund – EUR 10 million in the form of initial loss and EUR 10 million as technical assistance (consulting and training support) – while Cofides will try to attract additional EUR 70 million from private investors (family offices, pensions funds, private banking).
GAWA Capital will be the fund’s advisor, in charge of selecting the target eligible 25 projects (EUR 2-6 million) that must have a significant impact in the developing country business network, cause greater tax collection and favour a transfer of technology to the beneficiaries of the loans.
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