On Monday, June 29, the World Bank Group announced the opening of new premises on Plaza de la Lealtad in Madrid — the multilateral organization’s first office in Spain. The move is aimed at strengthening ties with Spanish private capital and boosting development initiatives, with a particular focus on job creation. All the institutions under the World Bank Group umbrella will be housed in the new space, which is designed to serve as a stronger hub for engagement with the Spanish Government, the private sector, academia, and civil society.

Spain is one of the World Bank’s leading partners, with a collaborative relationship spanning nearly 70 years. As a shareholder of the World Bank, Spain works alongside the institution on programs covering sustainable finance, climate change adaptation, infrastructure, health, migration, and support for heavily indebted countries. Spanish companies also hold a portfolio worth roughly $5 billion in emerging markets, backed by the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

The office’s inauguration brought together IFC President Makhtar Diop and Spain’s First Deputy Prime Minister and Minister of Economy, Trade and Business, Carlos Cuerpo, who signed a collaboration agreement to mark the occasion. Diop highlighted that Spain offers deep expertise in sectors that are key to sustainable development, including water, infrastructure, tourism, and manufacturing, and said the new office would enable closer work with Spanish companies, investors, and institutions to mobilize private capital, expand investment in emerging markets, and turn opportunities into jobs and economic growth.

Carlos Cuerpo, for his part, said the new office will create opportunities for Spanish businesses and civil society organizations working in development, while serving as a bridge connecting European development financing with Latin America and Africa.

A key goal behind the new office is to give Spanish companies more direct access to financing, risk-mitigation tools, and the World Bank Group’s expertise in emerging markets.

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