World Bank opens new Madrid office to boost private investment in emerging markets

The World Bank Group announced on Monday the opening of a new office in Madrid, a move designed to enhance collaboration with Spain and facilitate the mobilization of private capital for development initiatives in Latin America, Africa, and other emerging economies.

The new office will, for the first time in Spain, bring together the various institutions of the World Bank Group, serving as a point of contact for the government, businesses, investors, universities, and civil society organizations. Its goal is to provide Spanish companies with easier access to financing, guarantee instruments, and risk-reduction mechanisms for their investments in developing countries.

The Madrid office will deepen cooperation with Spanish companies and organizations interested in emerging markets, fostering partnerships in sectors where Spain is an international leader, such as financial services, water management, sustainable tourism, and resilient infrastructure.

Makhtar Diop, Managing Director of the International Finance Corporation (IFC), emphasized that the new office will make it easier to work with Spanish companies and investors to boost private investment in emerging markets. Economy Minister Carlos Cuerpo stated that the office would open new opportunities for Spanish companies and reinforce Spain's role as a key partner for multilateral institutions and a standard-bearer for multilateralism.

Spain is also a shareholder in the World Bank Group and cooperates in programs related to sustainable finance, climate change adaptation, infrastructure, health, migration, and support for highly indebted countries. Currently, the IFC and the Multilateral Investment Guarantee Agency (MIGA) each manage portfolios worth close to $5 billion (€4.375 billion) with Spanish companies in emerging markets. The new office aims to expand that cooperation, particularly by leveraging Spain's ties with Latin America and its growing corporate presence in Africa.