Madrid, June 27, 2025. COFIDES supports GBfoods Africa to strengthen its presence on the African continent. To this end, COFIDES’ Chairperson and CEO, Ángela Pérez, and Ignasi Ricou, representing GBfoods Africa, signed an agreement whereby COFIDES will grant a loan of €8.9M from the Fund for Foreign Investment (FIEX) and its own resources. This funding is part of the Alianza Africa Avanza (Africa Forward Alliance) strategy promoted by the Spanish and Senegalese governments in order to facilitate sustainable growth in West Africa and create professional development opportunities for young people.
GBfoods Africa has been marketing its products in Senegal for more than 50 years and, since 2015, has maintained a factory of bouillon cubes under the brand "JUMBO” in said country. The company will use the FIEX financing to redesign and expand its plant in order to increase its production capacity. This project consolidates GBfoods Africa's position on the continent, as it will increase the export of its products to neighboring countries, while also contributing to job creation in Senegal.
COFIDES’ Chairperson, Ángela Pérez, highlighted that "supporting projects of Spanish companies that favor economic and social development in Africa is part of COFIDES’ commitment to global sustainable growth. It is very rewarding to support the expansion of the GBfoods Africa plant in Senegal, therefore strengthening its industrial capacity in the region and supporting local job creation, while directly contributing to food security and the health of the population."
ABOUT COFIDES
COFIDES is a state-owned trading company that manages financial funds from the Spanish State, as well as its own resources and those of third-party institutions with various objectives: the internationalization of the Spanish economy, the attraction of foreign investment into strategic sectors in Spain, the promotion of the impact economy in Spain, and the contribution to the development of the countries in which it invests. In addition to the State, which holds a majority position, other shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and CAF–Development Bank of Latin America.
