Mexico City, July, 12, 2017 - COFIDES Chairman Salvador Marín and the Development Finance and European Management Deputy Directors María Vidales and Business Development, Ana Cebrián today presented the COFIDES financial instruments to Spanish entrepreneurs established in Mexico.
The conference, which took place in the Chamber of Commerce of Spain in Mexico, brought together about 80 Spanish company directors established in the country and in it, COFIDES directors explained the various financial instruments offered by the Company to facilitate its investment projects in the country, among others Blending, in its recent focus on the private sector role.
The COFIDES chairman stated, "COFIDES offers a wide range of participatory financial instruments, mainly capital and quasi-capital, to support Foreign Direct Investment (FDI) of Spanish companies or projects where there is a Spanish interest".
He recalled that "This is direct financing to the project, adapted to the needs of the project and complementary to other benefits". Furthermore, Marín explained that COFIDES was accredited, a year ago as a delegated entity for the management of the European Union development cooperation budge. "This accreditation opens new financing possibilities for Spanish companies through blending, a formula that allows the combination non-refundable finance (grants) from the European Union with COFIDES refundable financing (via loans or capital)".
The COFIDES chairman recalled, "COFIDES contributes to the internationalisation of companies by financing Foreign Direct Investment (FDI), generating an important catalytic effect that means that for every euro that COFIDES contributes to a company, this company manages to gain an average of 12 euros”.
"This is complemented by another positive effect", he added. "That those companies which expand abroad, consolidate their home market and generate employment in Spain”.
The event, which was organised in collaboration with the Commercial Office of Spain in Mexico, was also attended by its Commercial director, Jorge Mariné, who pointed out how "in recent years, the export drive has been a fundamental element for the way out of the economic crisis. However, there are still difficulties for many companies in accessing the necessary financing to start exporting, expanding markets and export products, to be an applicant for an international tender or making an investment abroad. This is why more information, awareness raising and counselling efforts are required for SMEs to help them get the most appropriate funding".
In this regard, the Commercial director explained that ICEX had recently created a new Financial Advice department whose objective was to assist Spanish small and medium enterprises (SMEs) in the field of international financing, in order to materialise their export projects or investment abroad that are technically feasible. For this purpose, individualised actions are carried out on international operations’ financing and the dissemination of different public and private financial products, including those of COFIDES, which may be of interest to finance an international operation.
COFIDES is a combined private-public concern, which since 1988 has provided financial support to Spanish enterprises abroad. COFIDES manages the FIEX and FONPYME funds on behalf of the State Secretariat for Trade, within The Ministry of Economy, Industry and Competitiveness. The stockholders include the Bank of Bilbao Vizcaya Argentaria (BBVA), Santander Bank, Popular Bank, Sabadell Bank and CAF (Development Bank of Latin America).