Madrid, the 21st of January, 2020.- Ibarmia Innovatek is expanding its operations in China with the support of COFIDES. Specialists in the machine-tool sector, the Basque SME has decided to increase its safety stock and modernise its facilities in the country, where it has been selling its products for 10 years.
COFIDES will provide a joint venture loan of 1.7 million euros, funded via the FONPYME, to the project company, Shandong Ibarmia CNC Machine Manufacturing Co., Ltd. The funding will be used to strengthen the joint venture created by Ibarmia in 2017, a project that was supported by COFIDES. The total investment amounts to 2.7 million euros.
China is one of the fastest growing markets in the sector and one of the most important countries as regards the company's future. In addition to being the largest consumer of machine-tools in the world (followed by the United States, Germany and Japan), the country is also the leading manufacturer in the sector.
The COFIDES chairman, José Luis Curbelo, says that “one of COFIDES' main objectives is to support SMEs so they can grow their business abroad, improve their global competitiveness, and contribute to the strengthening of the production infrastructure and generation of employment, objectives which contribute to the achievement of the Sustainable Development Goals."
This project contributes to the achievement of Sustainable Development Goal (SDG) 8 (Decent work and economic growth), since the facility entails the hiring of staff, with positive impacts both in Spain and abroad. It also contributes to SDG 9 (Industry, innovation and infrastructure), by using resources more efficiently and generating less waste.
Ibarmia is a family company founded in Azcoitia in 1945. Its business concerns the design, manufacture and commercialisation of machining centres with high technological content. The main sectors for which it works are aeronautics, automotives, gas and rail. It was recently named 2019 Pyme of the Year in Gipuzkoa. It has also been included in the Cepyme500 group, which consists of the 500 leading Spanish companies in terms of business growth.
COFIDES is a state-owned 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.