Madrid, July, 31, 2017 - COFIDES will financially support the engineering company Sistemas Tubulares Al Andalus to strengthen its subsidiary in Peru.
To this effect, COFIDES will grant €1.5 million through a joint venture instrument structured through the FONPYME (50%) and COFIDES’ own resources (50%). With this support, the Peruvian subsidiary, Sistemas Técnicos Auxiliares SAC will defray the expenses for the acquisition of the scaffolding necessary to operate in the country. The total investment of the company in this project will amount to €2.14m.
Sistemas Tubulares Al Andalus is a Spanish SME established in Madrid in 1996. It is dedicated to access engineering, through the technical study, design, supply and assembly of temporary structures (scaffolding) that allow access for maintenance work or for the building of new industrial facilities.
It is present in Morocco and Peru, where it has developed projects since 2014. With 212 employees, the company counts among its clients, those companies that represent the energy, chemical, naval or civil engineering sectors.
Sistemas Técnicos Auxiliares SAC is a company established in Peru in 2013, in order to channel the Group´s expansion strategy in Peru. Since 2014 is has taken part in key projects of the energy sector. In them the company has worked hand in hand with Spanish companies, clients of the Group in Spain, and that therefore already knew the business model.
COFIDES Chairman, Salvador Marín highlighted the company´s experience in Peru, which has been involved in a number of relevant projects such as the expansion of the La Pampilla refinery and the Toquepala mine, positioning itself as a benchmark scaffolding supplier in the country. "COFIDES has a great interest in promoting the internationalisation of Spanish SMEs and this contributes to the development of strategic sectors both for the investment recipient country and its business consolidation in Spain"
THE PERUVIAN MARKET
The Gross Domestic Product (GDP) in Peru has maintained its acceleration in 2016 (+ 3.9%), supported by higher volumes of mining exports and the implementation of infrastructure projects. Furthermore, the construction sector contributed to the GDP by around 6% in 2016, supporting significant projects such as line 2 of the Lima underground, expanding the Talara refinery or expanding the country´s roads network.
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).