Madrid, February 18, 2019.- COFIDES is supporting the Mibor footwear company in its implementation into Vietnam. It is the first project the company has backed in this country; it will invest 450,000 Euros in a joint investment loan against COFIDES’ own resources (25%) and FONPYME (75%).
With this financing Mibor will set up a dealer for its products in the area of Ho Chi Minh City, to improve customer service in the region by cutting delivery times and guaranteeing product supply. The total investment required for the project is 750,000 Euros.
COFIDES Chairman, José Luis Curbelo, stated that “COFIDES accompanies SMEs in their foreign expansion, so that they can be more competitive and get bigger, while at the same time they can generate a positive impact on development”.
Mibor’s Administrator, Joaquin Bonet Miro, pointed out that “support from COFIDES was a decisive factor in moving forwards in our ambitious internationalization programme in emerging countries, which is where the worldwide manufacturing of footwear is mainly concentrated”.
MB Mibor Internacional is a family company based in Alcoy (Alicante), set up in 1964. It manufactures and markets toe puffs, back counters, soles and supports for shoes. In 2001 the company set out on an internationalization and geographical diversification process. It has gradually consolidated its position in strategic footwear markets and become more and more global. It markets its products in 25 different countries, has branch offices in Mexico and India and boasts over 50 employees. The company is firmly committed to investment in R&D in collaboration with the Polytechnic University of Valencia in order to develop new materials.
COFIDES is a public-private company which has been offering financial support to Spanish companies investing abroad since 1988. It is accredited with the EU to manage Community budgets, allowing it to structure transactions with a high impact on development. It is also accredited with the UN’s Green Climate Fund and can structure operations on climate change mitigation and adaptation with the GCF. It is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism and supports AECID in managing FONPRODE funds. Shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.