Madrid, September 21, 2020.- Hispacold, a company that manufactures and sells equipment and parts for the air conditioning of buses and coaches, is to increase its operations in Mexico with financial support from COFIDES.
COFIDES has provided Hispacold with a loan of 1.3 million euros from its own funds. The loan will be used to fund the safety stock of equipment and spare parts which the company retains in its facilities in Mexico in order to ensure increased activity. The total investment in the project is 1.6 million euros.
The company aspires to be a world leader in the development of sustainable air conditioning solutions for passenger transport. With this project, the expected growth of the company's business in Mexico is ensured. It also facilitates customer support in after-sales and comprehensive maintenance services.
Hispacold began doing business in Mexico in 2002, with the aim of becoming a market leader not only in the private bus service sector, where it already is thanks to the presence of Irizar (the company's main shareholder) in Querétaro, but also in the urban bus and personnel transport sectors. Hispacold's head office, factory and logistics centre are located in Seville. Its signature projects are the systems sold for the Istanbul and Bucharest metro, the trams in Kaoshiung (Taiwan), Belgrade and Stockholm, and the systems for double-decker electric buses in London, among others.
COFIDES Chairman, José Luis Curbelo, said that “it is important to support companies which, despite the situation created by the COVID-19 pandemic, are electing to invest abroad by means of sustainable growth”.
IMPACT ON THE SDGS
The project contributes to the achievement of SDG 5 (Gender equality), SDG 8 (Decent work and economic growth), SDG 9 (Industry, innovation and infrastructure) SDG 10 (Reduced inequalities) and SDG 17 (Partnerships for the goals). Hispacold invests in R&D to develop efficient products from an energy point of view, it partners with universities and technology centres, and it has several registered patents.
COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad since 1988. COFIDES is accredited to the European Union (EU) to manage funds coming from the EU budget, allowing the structuring of transactions with a high impact on development. COFIDES is also accredited to the UN’s Green Climate Fund (GCF) and can therefore structure operations on climate change mitigation and adaptation. Moreover, COFIDES 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 also supports AECID in managing FONPRODE funds. COFIDES’s shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.