Cedemi (The Left Bank Business Development Centre) was founded in March 1997 as a result of the commitment made by the parties signing the Inter-Institutional Agreement for the Revitalisation of the Left Bank of the Nervión Estuary.
Prior to this agreement, central and regional government, the Territorial Government of Bizkaia, Barakaldo Town Council and the company, Bilbao Ría 2000, joined forces in their support of the Urban - Barakaldo programme. This European Commission-approved programme consisted of a series of initiatives aimed at socio-economic regeneration including Initiative Five, which set aside funds for the setting up of a Business Development Centre, CEDEMI, S.A. The company's share capital is subscribed equally by the Territorial Government of Bizkaia and SPRI, the Association for the Promotion of Industry.
In the period between the founding of the company and 2000 the company's First Strategic Plan was put into operation, coinciding with the first phase of the Inter-Institutional Agreement. Following the implementation of the various initiatives envisaged in the Plan, the Ilgner Business Incubation Centre was opened by the Lehendakari, the President of the Basque Government.
Ever since this significant event the actions undertaken by CEDEMI in its short but eventful history have centred mainly on generating wealth and creating jobs in the Nervión region and throughout the Historical Territory of Bizkaia as a whole.