Madrid / Information Office / September 13

The State of Qatar and the Kingdom of Spain have agreed to establish an institutional framework for cooperation to achieve common objectives.

This came in a joint statement issued Thursday in Madrid on cooperation in the field of investment between the State of Qatar and the Kingdom of Spain, represented by HE the Deputy Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman Al-Thani and HE Spanish Prime Minister Pedro Sanchez.

The statement stressed that Qatar and Spain agreed to establish an institutional framework for cooperation to achieve common goals. Qatar Investment Authority (QIA) and Compania Espanola de Financiacion del Desarrollo, (the Spanish development finance company) will also submit another 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 the 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 internationalization of Spanish companies while contributing to the development of host countries.