The Chambers of Commerce have been appointed by the World Bank as official representatives of Spanish companies.
Last May, the President of the World Bank, James D. Wolfensohn, the President of the Chambers, José Manuel Fernández Norniella and the Secretary of State for Trade, Juan Costa, signed an agreement by which the Chambers are constituted as the link between the Spanish private sector, the World Bank Group and its financial institutions: the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
Another point of the agreement was the decision to create a Representative Office at the Chambers of Commerce headquarters, whose main function would be to increase the participation of Spanish companies in projects financed by the World Bank. However, Spanish participation in these projects is still far lower than that of other European countries.
On the other hand, the offices will collaborate with the Ministry of Economy, ICEX, ICO, Cofides and regional and national business institutions and associations to achieve smoother communication between the World Bank Group and Spanish companies.
In this way, Spanish Chambers of Commerce are taking a step forward and, with the support of the World Bank, are entering the field of financial advice for export projects of Spanish SMEs.
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