Lima, March 07, 2018.- The COFIDES Chairman, Salvador Marín, accompanied by the Deputy Director of Development Funding and European Management, María Vidales, presented today in Peru the financial instruments offered by the Company to Spanish entrepreneurs established in this country.
The event counted on the presence of almost 50 executives of Spanish companies established in this country, and the people in charge of COFIDES explained the financial instruments that the Company offers in order to facilitate its investment projects in Peru.
During his speech, the COFIDES Chairman stated that "COFIDES offers a wide range of participatory financial instruments, mainly equity and quasi-equity, to support the Foreign Direct Investment (FDI) of Spanish companies or projects of Spanish interest. "This variety of financial products "allows COFIDES to suit the needs of each company, creating a kind of financing which is practically custom-designed”.
In addition to this, he highlighted the positive effect produced by internationalisation, since "those companies which grow abroad consolidate their headquarters and generate employment both in the countries of origin and destination”.
PROJECTS WITHIN THE SCOPE OF "BLENDED FINANCE"
Salvador Marín also explained that COFIDES "is an entity authorised by the European Union to provide financing by means of blending, an instrument which combines refundable financing (through loan or equity) and EU grants". In addition to this, he pointed out that lately the company is increasing its focus on the private sector, and he emphasised that "COFIDES is in the process of entering into the Green Climate Fund, another blended finance mechanism which in this case belongs to the United Nations, to finance projects related to the mitigation and adaptation to climate change in developing countries".
In this sense, the Deputy Director of Development Funding and European Management, María Vidales, stressed during her speech that "blending is an advantage for the beneficiary, either public or private, since it allows them to have financing under concessional terms (thanks to the EU donation) for development projects in prioritised sectors such as, but not limited to, those sectors related to infrastructure, energy, water and sanitation, agriculture or information and communication technologies".
The Spanish Ambassador in Peru, Ernesto de Zulueta, took part in the opening of the event. The Economic and Commercial Attaché at the Spanish Embassy in Peru, Galo Herrero, introduced the COFIDES members to the audience and reminded them of the services the ICEX offers to encourage the investments of Spanish companies in Peru. The Commercial Attaché at the Local Office of the European Union in Peru, Felipe Palacios, and the Operational Manager at the Local Office of the European Union in Peru, Víctor A. Velarde, also took part in the event.
ROUND OF CONTACTS IN PERU
COFIDES took part in this business event, organised by the Economic and Commercial Office of the Spanish Embassy in Lima, within the context of an agenda of business meetings which includes meetings with entrepreneurs and people in charge of several Ministries.
Thus, the people in charge of COFIDES met the representatives of the Local Office of the European Union, Track Global Solutions, INCLAM, COPEME (Consortium of Private Organizations Promoting the Development of the Micro-Enterprises and Small Businesses), ASOMIF (Association of Micro-Finance Institutions), FEMPAC (Peruvian Federation of Local Savings and Loans Banks), Autoridad para la Reconstrucción con Cambios (the Authority for the Reconstruction with Changes), as well as the Ministry of Agriculture and Irrigation, the Ministry of Production, the Ministry of Energy and Mines, and the Ministry of Housing, Construction and Sanitation.
In addition to this, the COFIDES Chairman, accompanied by the Deputy Director of Development Funding and European Management at COFIDES, held meetings with COFIDE and Proinversión, where they suggested the initiation of contacts in order to enter into collaboration agreements which may facilitate the establishment of Spanish companies in Peru with the financial support from those resources and funds managed by COFIDES and by means of blending.
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).