World Bank Group Opens Madrid Office to Strengthen Spain Ties

The World Bank Group announced on Monday the opening of an office in Madrid. The new office will bring together for the first time in Spain the different institutions of the group. Euronews reported that the office aims to expand cooperation with Spanish companies, particularly by leveraging Spain’s ties with Latin America and its growing corporate presence in Africa.

It will serve as a contact point for the government, businesses, investors, universities and civil-society organisations. Spain brings extensive expertise and investment in key sectors for development, from finance, infrastructure and water to tourism and industry, which helps mobilise more private capital, offer innovative solutions and create jobs where they are needed most, Diop said.

Economy Minister Carlos Cuerpo said the office would open up new opportunities for Spanish companies and reinforce the role of Spain as a key partner for multilateral institutions and a standard-bearer for multilateralism. Spain has maintained a close relationship with the World Bank Group for almost seven decades.

The International Finance Corporation and the Multilateral Investment Guarantee Agency each manage portfolios close to 5 billion dollars with Spanish companies in emerging markets.