Development bank directors appointed to SOFID board

 In Development banks, News, Public companies

Directors at Portugal’s development bank, Banco de Fomento, have taken up non-salaried positions as executive directors at SOFID.

SOFID is a Portuguese financial development institution whose mission is to support Portuguese companies in their internationalisation as well as being an instrument of political cooperation for the Portuguese State.

In a communiqué from the bank, the BFP states that Pedro Miguel Nunes Ventaneira has been appointed as the executive president of SOFID – Sociedade para o Financiamento do Desenvolvimento, Instituição Financeira de Crédito, while Sofia Maria Simões dos Santos Machado and Bruno Filipe Aires Rodrigues have been appointed executive directors.

The appointment of these new directors is part of the transfer of SOFID to the control of the Banco Português de Fomento which, among other responsibilities, is in charge of disbursing funds from Portugal’s Recovery and Resilience Plan (RRP) to companies and consortia working on projects deemed to be of strategic national importance in modernising the Portuguese economy.

According to the BPF this transfer aims to foster synergies in the financial and operational aspects of government companies and internal control systems.

It is also part of BFP’s mission to widen its strategy as a development financial institution (DFI) with the goal of supporting Portuguese company projects in developing countries by facilitating investment leverage and access to types of available financial instruments so that companies can access European funds.

BPF will also undertake audits on SOFID on assets and liabilities and produce a strategy plan for the company that will be presented to the government.

The Portuguese State has an 80% capital stake in SOFID with the remaining shares held by State-owned bank Caixa Geral de Depósitos, BPI, Novo Banco and Corporación Andina de Fomento (CAF).

Banco Português de Fomento was set up in 2020 by the Portuguese government to promote the modernisation of companies and the economic and social development of the country.