Posted on September 15, 2018

Qatar and Spain have agreed to establish an institutional framework for cooperation to achieve common objectives.

This came in a joint statement issued on Thursday in Madrid on cooperation in the field of investment between Qatar and Spain after talks by HE the Deputy Prime Minister and Minister of Foreign Affairs Sheikh Mohamed bin Abdulrahman al-Thani and Spanish Prime Minister Pedro Sanchez.

The Qatar Investment Authority (QIA) and Compania Espanola de Financiacion del Desarrollo (the Spanish development finance company) will also submit a memorandum of understanding that will set guidelines and operational procedures to promote business and joint investment, the statement added. QIA is owned by the State of Qatar and was established by Amiri Decision No 22 of 2005. The mission of QIA is to invest, manage and develop Qatar's reserves to create long-term value for the state and future generations.

Established in 1988, the Spanish development finance company is owned by the Spanish public sector and it's a financial development institution designed to facilitate the internationalisation of Spanish companies while contributing to the development of host countries.