IFSWF Santiago Principles

Sovereign Wealth Funds Convene to Advance Investing in Transition

Madrid, Spain, 26 September 2023  The International Forum of Sovereign Wealth Funds (IFSWF) is today holding its 15th annual meeting in Madrid, hosted by the Compañía Española de Financiación del Desarrollo (COFIDES).

The IFSWF annual meeting brings together members and financial leaders from around the world to discuss the key global issues affecting investors. This year, we welcomed more than 200 people from 45 state-owned investors, multilateral institutions, universities, IFSWF partners and officials from the Spanish government.

Held under the theme of Investing in Transition, this year’s meeting provides a unique opportunity for our members to discuss the most significant issues that are shaping a new investment landscape. Participants discussed how they could best put capital to work to catalyse and harness the energy, digital and demographic transitions that are reshaping the world in the twenty-first century. We were honoured to be addressed by the First Vice-President of the Government of Spain and Minister for the Economy and Digital Transformation, Nadia Calviño, the third Vice-President of the Government of Spain and Minister for Ecological Transition and Demographic Challenge, Teresa Ribera, and Pablo Hernández de Cos, Governor, Banco de España.

During 2023, the IFSWF has continued to grow, welcoming the Investment Corporation of Dubai and Greece’s Growthfund as full members. The Forum has also expanded its footprint in the Western Hemisphere by welcoming the Fórum de Fundos Soberanos Brasileiros, an association of sub-national sovereign wealth funds from Brazil, as an associate member. Indeed, given COFIDES’ strong links to Latin America, the IFSWF annual meeting featured in-depth discussions about the sovereign wealth management of the region, with high-level participants from the continent's key multilateral and development finance institutions.

José Luis Curbelo, Chairman and CEO, COFIDES, thanked the opportunity of hosting this annual meeting, which shows that “our company is becoming increasingly important in the international arena, positioning itself as a benchmark for public-private investment in Spain”.

“Spain is decisively committed to the green and digital transitions, and to make them possible, it is needed to have financing, which requires the funding of foreign investors, including sovereign wealth funds, which are strategic due to their high investment capacity and long-term vision. We hope this meeting will further enhance our collaboration and cooperation with the members of IFSWF, which will benefit the modernization of the production system and the competitiveness of the Spanish economy.”

Obaid Amrane, Chair of IFSWF, said: “We are delighted to bring together so many of our members and partners at the 2023 IFSWF annual meeting. This year, we are discussing how long-term investors, like sovereign wealth funds, can embrace investing in transition to enhance and preserve their capital for the benefit of future generations.

I would like to extend my sincere thanks to COFIDES for graciously hosting this event.

We are convinced that this year's discussions will improve cooperation between IFSWF members and their partners, enhance their engagement in the energy transition and help promote a greater understanding of the changing roles sovereign wealth funds can play at home and abroad.”


About the International Forum of Sovereign Wealth Funds

The International Forum of Sovereign Wealth Funds (IFSWF) is a global network of sovereign wealth funds (SWFs) established in 2009 to enhance collaboration and dialogue between members, to promote a deeper understanding of SWF activity and to raise the standard for SWF best practices and governance. The Santiago Principles are central to the IFSWF. They consist of 24 generally accepted principles and practices voluntarily adopted by IFSWF members. The Principles endorse transparency, good governance, accountability and prudent investment practices.

Contact: secretariat@ifswf.org


COFIDES is a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims, including the internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. COFIDES co-invests with foreign investors to attract foreign direct investment to Spain in areas that contribute to the transformation of the production model, such as those linked to the green and digital transition. It also makes investments that contribute to strengthening the impact investment ecosystem in Spain. 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).

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Email: secretariat@ifswf.org  |  Phone: +44 203 906 7320