This week, Ithmar Capital, Morocco’s sovereign wealth fund, hosted a high-level delegation from COFIDES, Spain’s development finance company, to strengthen bilateral cooperation. During this meeting, Ángela Pérez, representing COFIDES, held talks with Obaid Amrane, the CEO of Ithmar Capital, continuing discussions initiated last year following the signing of a joint declaration.
The declaration, signed in 2022 in the presence of Morocco’s Minister of Industry and Trade, Ryad Mezzour, and his Spanish counterpart, Reyes Maroto, set the stage for enhancing bilateral relations. The primary goal was to foster impactful projects in key sectors like energy transition, infrastructure, automotive industries, and digitalization.
This latest meeting further deepened the collaboration between the two entities, identifying fresh opportunities for joint ventures. Both sides expressed a strong commitment to promoting the international expansion of Moroccan and Spanish businesses. The cooperation reflects a shared determination to encourage high-impact investments, not only within Morocco and Spain but extending beyond their borders.
Ángela Pérez highlighted the importance of this strengthened partnership and the warm reception her team received in Rabat. “The relationship we’ve built with Ithmar Capital stands as a model of bilateral collaboration. Together, we aim to back ambitious projects that will fuel economic growth in both countries,” she stated.
Since its inception in 2011, Ithmar Capital has played a vital role in advancing Morocco’s economic development through strategic investments. As a multi-sector fund, it is dedicated to supporting transformational projects aligned with Morocco’s national priorities.
COFIDES, meanwhile, has distinguished itself by supporting the internationalization of Spanish companies and contributing to global economic growth, particularly in the post-COVID era. With major shareholders like Banco Santander and the Development Bank of Latin America (CAF), COFIDES remains a pivotal player in Spain’s economic landscape.
The joint declaration between Ithmar Capital and COFIDES is a testament to their shared vision for sustainable investment and long-term collaboration. Obaid Amrane, CEO of Ithmar Capital, emphasized the importance of this partnership: “Our collaboration with COFIDES enhances our capacity to address economic challenges and promote impactful, sustainable projects that will benefit future generations.”
As Morocco and Spain continue to strengthen their diplomatic and economic ties, Ithmar Capital and COFIDES position themselves as strategic partners in driving forward economic transitions. Their shared focus on sustainable investments and long-term growth promises a bright future for key sectors in both countries.
