Fund for the Promotion of Development
FONPRODE
This fund was created by Law 36/2010 of 22 October 2010, as an instrument for Spanish cooperation for development, managed by the Ministry of Foreign and EU Affairs and Cooperation, through the State Secretariat for International Cooperation and Latin America and the Caribbean and the Spanish Agency of International Cooperation for Development.
The Fund’s objective is to eradicate poverty, reduce social inequalities and inequities among people and communities, defend human rights and promote gender equality and human and sustainable development in impoverished countries.To simplify and facilitate the functioning of the cooperation for development instrument which the Development Aid Fund (FAD [Spanish acronym]) had been using from 1976 to October 2010, in order to ensure that it can respond quickly and pay attention to the needs and established objectives for Spanish Cooperation, and especially the situations of humanitarian crisis resulting from wars or natural disasters.
- To make Spanish policy on international cooperation for develop more rigorous and effective, eliminating any commercial objectives that the fund may have.
- To grant financed aid, not linked to the export of Spanish goods and services.
- To fully integrate FONPRODE with the corresponding Guiding Plans for Spanish Cooperation and the Annual International Cooperation Plans, contributing to the objective of coherence in Spanish policy on international cooperation for development.
- To focus the instrument on the financing of those cooperation initiatives deemed to be the most necessary.
- To expand the range of options for Spanish cooperation with state-to-state donations, microfinance programmes, contributions to international financial institutions (funds), concessional credit and capital contributions, as well as other financial instruments.