The World Bank Group officially opened a new office in Madrid on Monday, marking a strategic move to enhance collaboration with Spain and channel private investment into development projects across Latin America, Africa, and other emerging economies. The office will serve as a single point of contact for Spanish government entities, businesses, investors, universities, and civil society organisations, consolidating the Bank's various institutions under one roof for the first time in the country.
Economy Minister Carlos Cuerpo, who also serves as first vice-president, hailed the initiative as a recognition of Spain's growing role as a hub for multilateral institutions. 'This office opens new opportunities for Spanish companies and reinforces Spain's position as a key partner for multilateralism,' Cuerpo said during the inauguration ceremony in Madrid.
Strengthening Spain's Role in Global Development
The new office aims to provide Spanish companies with easier access to financing, guarantee instruments, and risk-reduction mechanisms for investments in developing countries. Sectors where Spain already holds international leadership—such as financial services, water management, sustainable tourism, and resilient infrastructure—are expected to benefit particularly. The World Bank Group's Managing Director of the International Finance Corporation (IFC), Makhtar Diop, emphasised the potential for collaboration. 'Spain brings extensive expertise and investment in key sectors for development, from finance, infrastructure and water to tourism and industry,' Diop wrote on his X account. 'This helps us mobilise more private capital, offer innovative solutions and create jobs where they are needed most.'
Spain has maintained a close relationship with the World Bank Group for nearly seven decades and is now one of its principal European partners in promoting private investment. Currently, the IFC and the Multilateral Investment Guarantee Agency (MIGA) each manage portfolios worth approximately $5 billion (€4.375 billion) with Spanish companies in emerging markets. The Madrid office is expected to expand that cooperation, particularly by leveraging Spain's deep ties with Latin America and its growing corporate footprint in Africa.
The opening also strengthens Madrid's status as a host city for multilateral organisations and a platform for international development finance. This development comes as Spain continues to navigate its own economic challenges; the government recently extended anti-crisis measures and launched its 2027 budget process, signalling a focus on fiscal stability and growth.
Beyond finance, the World Bank Group's collaboration with Spain extends to programmes on sustainable finance, climate-change adaptation, infrastructure, health, migration, and support for heavily indebted countries. The new office is expected to deepen these partnerships, offering Spanish stakeholders a direct channel to engage with the Bank's global operations.
Diop concluded his remarks by underscoring the broader mission: 'Mobilising private capital, offering innovative solutions and creating jobs where they are needed most.' With the Madrid office now operational, the World Bank Group aims to turn that ambition into tangible results for emerging markets and for Spain's own economic diplomacy.
