Madrid, July 27, 2021. COFIDES is to support Sacyr Concesiones in the implementation of Rutas 2 and 7 in Paraguay, road infrastructures that will boost the country's industrial and commercial development.

To this end, COFIDES will provide Sacyr Concesiones S.L. with 25 million dollars via a co-investment loan from the Fund for Foreign Investment (FIEX) and COFIDES' own resources. The total investment in the project is 504 million dollars. The chairman and CEO of COFIDES, José Luis Curbelo, and the chairman and CEO of Sacyr, Manuel Manrique, signed the financing agreement today at COFIDES' offices in the presence of the Secretary of State for Trade, Xiana Méndez.

Sacyr leads the consortium awarded the contract for this infrastructure, which comprises 170 km of roads to be duplicated and improved, including the construction of five bypasses between the cities of Asunción and Caaguazú. This road project is of the utmost importance for Paraguay's growth, as 70% of the country's economic activity centres on this area. The infrastructure will help to improve safety and to reduce travel times, while at the same time improving the transport of people, goods and people and fostering industrial, urban and commercial development in the area. Rutas 2 and 7 are more than 50% complete.

The CEO and chairman of COFIDES, José Luis Curbelo, said that "it is very satisfying for COFIDES to participate in a project that will contribute to Paraguay's social and economic development, supporting the national economy so as to improve competitiveness and generating a positive impact both for the people and the communities and companies located in this infrastructure's sphere of influence".

The CEO and chairman of Sacyr, Manuel Manrique, said that "COFIDES' support is very important for Spanish companies that are investing abroad, as it is a commitment to the creation of quality employment, sustainable development and the positive social impact that we all seek with new transport infrastructures, in this case in Paraguay".

CONTRIBUTION TO THE SDGs

This project contributes to SDG 8 (decent work and economic growth), as it will create 1,085 jobs, and SDG 5 (gender equality), as it will employ 100 women. It will also contribute to SDG 9 (industry, innovation and infrastructure), as 170 km of infrastructure will be built.

ABOUT SACYR

Sacyr Concesiones has been in existence for over 30 years and has demonstrated a solid track record and technical and financial capacity, with a committed global investment of 27,000 million euros. It specialises in greenfield projects where it carries out the design, financing, construction and management of the assets.

ABOUT COFIDES

COFIDES, a State-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).