Madrid, July, 13, 2017 - Compañía Española de Financiación del Desarrollo, COFIDES SA, SME has signed a cooperation agreement with NAFINSA to work together and generate a beneficial culture for the productive and commercial deployment of Spanish companies in Mexico. The signing of this agreement took place during a breakfast meeting held in the Ambassador of Spain in Mexico residence, Luis Fernández-Cid.
COFIDES chairman, Salvador Marín, has signed a cooperation agreement with the CEO of Nacional Financiera, National Credit Corporation, the Development Bank Institution (NAFINSA, Jacques Rogozinski, through which both entities commit to publicising the available support to promote internationalisation.
NAFINSA will disclose the financial support possibilities of the instruments and financing facilities managed by COFIDES. In turn, COFIDES will disseminate among the companies within its scope the support possibilities that NAFINSA can offer for investment of Spanish companies in Mexico.
NEW FINANCIAL PRODUCT
In order to boost the internationalisation of Spanish companies, COFIDES and NAFINSA will create a new financial product that will foster the development of investment projects in Mexico
In particular, for SME projects, COFIDES will provide financial support to the project company through capital or quasi-capital instruments to carry out commercial or productive deployments in the country and NAFINSA may provide guarantees to facilitate the local financial institutions’ support through financing to the Spanish company supported by COFIDES.
As for the large Spanish companies projects supported by COFIDES, NAFINSA will be able to finance amounts over €25m and COFIDES will participate mainly through equity investments.
COFIDES Chairman, Salvador Marín stated, "Mexico is one of the main destination countries for COFIDES investment and we are confident that this agreement, which also includes the financial product innovation linked to COFIDES investment in the Spanish company that grows internationally, will in turn allow a close collaboration with NAFINSA". Therefore, "Spanish companies will grow even more internationally through investments in Mexico, promoting a win-win alliance, as it favours both Spanish companies, destination and origin, as well as increasing Mexico´s economic development".
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).