Instituição Financeira de Desenvolvimento S.A. (IFD)
IFD is the Portuguese promotional institution. It was incorporated in 2014 by the Portuguese State under the approval of the European Commission with the objective of improving the access to funding by local SME and midcaps. Its financing activities are exclusively wholesale and cover the full capital structure, notably through senior loans, quasi-equity and equity, and credit counter-guarantees. The creditworthiness of IFD is of local sovereign quality based on sound prudential ratios and an implicit sovereign guarantee.