Madrid, March 05, 2018. COFIDES will provide financial support to Trade Packaging to help them strengthen their position in Cuba. To this end, COFIDES has granted 500,000 euro from their own resources through a co-investment instrument.
This support will serve to cover the costs of extending a government concesion awarded by the Cuban government to manufacture containers and packaging made from corrugated cardboard and solid board, together with a local partner.
Trade Packaging is a company currently based in the Canary Islands. It has experience in the Cuban market since 1992 and is co-owned by the Peñate family and the company Klingele Embalajes Canarias. The business involves purchasing and distributing raw materials (paper), equipment, containers, packaging, and cardboard-related materials.
Together with the state-owned Cuban company Industrias Nexus S.A., an organisation under the authority of the Cuban government, Trade Packaging has a share in the mixed public-private Cuban company Compacto Caribe, S.A, whose business involves manufacturing and selling all types of corrugated cardboard containers and packaging. The company was set up in 2000 by means of a concession from the Cuban government to manufacture and sell containers and packaging. This concession was renewed in 2016 for a further 20 years.
Compacto Caribe has three factories located in Palma Soriano, Havana and Santiago de Cuba. The renewal of the concession requires investments to be made in Compacto Caribe in several stages, and so TRADE will finance the purchasing of equipment with the contribution provided by COFIDES.
The chairman of COFIDES, Salvador Marín, underlined the company’s commitment to supporting the internationalisation of Spanish companies, aiming to help them develop and strengthen their position abroad. He also noted that this project will be carried out through the Línea Cuba, which was created by COFIDES in 2015 with the aim of supporting and providing financial security to investments in Cuba, a priority country for the business interests of the Spanish government.
The chairman of TRADE, Martín Tabares de Nava, expressed his satisfaction with the support for a vital project for the development of their main line of business. This is because, after two decades working with the packaging and container sector, the company is facing a challenge which relates to quantity as much as quality. This entails greatly increasing their operations in the country with the aim of being a part of the forecast industrial and agricultural 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).