COFIDES and Extenda boost financing for Andalusian companies' projects abroad

At the Chamber of Commerce of Seville

The Secretary of State for Trade and the Secretary General for Economy presided over the signing of an agreement between Extenda and COFIDES to bring their financial instruments closer to businesses.

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El Secretary of State for Commerce, Jaime García-Legaz, as well as the General Secretary of Economy of the Government of Andalusia, Gaspar Llanes, have presided today in Seville over the signing of an agreement Collaboration between Extenda-Andalusian Agency for Foreign Promotion and the Spanish Development Financing Company, COFIDES, SA. for jointly support the establishment of Andalusian companies abroad.

 

The collaboration agreement has been signed by the president of COFIDES, Salvador Marín, and the CEO of Extenda, Vanesa Bernad, and contemplates the coordination of both entities in order to facilitate the necessary credit to undertake investment projects abroad, through their various financial instruments.

 

Through this agreement, COFIDES makes available to Andalusian companies the financial instruments it has available and with which it can mobilize more than 2.000 million euros, especially the Fund for Investments Abroad (FIEX), and the Fund for Foreign Investment Operations of Small and Medium-Sized Enterprises (FONPYME).

 

The agreement signed today expands the collaboration between the two entities in the areas of dissemination and promotion of COFIDES financial instruments, by Extenda, and Extenda's internationalization support services, by COFIDES.

 

Gaspar Llanes emphasized the importance of the collaboration between both administrations in supporting companies' activities abroad, "in this case, through financing their investment projects." "The 83% growth in Andalusian exports over the last five years," he continued, "has not only been fundamental to maintaining the Andalusian economy, but also, through this, Andalusia and its companies are making a decisive contribution to Spain's emergence from the crisis. Supporting their activities abroad therefore becomes a matter of state."

 

Salvador Marín stated that this agreement will boost the international activity of Andalusian companies abroad. “COFIDES and Extenda work together, and in fact, throughout its history, COFIDES has invested more than €200 million in international projects for Andalusian companies. With this agreement, we strengthen our union to offer solid support to Andalusian companies embarking on internationalization. We want to make this process as easy as possible, and to that end, Andalusian entrepreneurs should know that in COFIDES they will find a financial partner that offers the best guarantee for their projects abroad.”

 

 

OBJECTIVE: TO BOOST SMEs

 

 

 

The president of COFIDES noted that the company offers financing to both large companies and SMEs, although he emphasized the latter. "SMEs are our priority target, so that as they grow abroad they become larger, more competitive, and thus strengthen their position in Spain." For them, he emphasized that COFIDES also offers financial support for commercial establishments, the first step on the path to internationalization, with a minimum of €75.000. "We have lowered the minimum financing threshold so that more SMEs can access our financing," he noted.

 

 

 

 

For her part, Extenda's CEO pointed out that given the typology of the Andalusian business community, where more than 95% are SMEs and micro-SMEs, "Extenda's activity is fully focused on these types of companies." Hence, Vanessa Bernad emphasized, the importance of facilitating their access to financing and also of measures such as the fee reduction implemented by Extenda for many of its services, which reaches up to 70%, depending on the size and characteristics of the companies.

 

 

 

COFIDES is a public-private partnership that has provided financial support for Spanish companies' investments abroad since 1988. It exclusively manages the FIEX and FONPYME funds on behalf of the State Secretariat for Trade, attached to the Ministry of Economy and Competitiveness. Its shareholders also include Banco Bilbao Vizcaya Argentaria (BBVA), Banco Santander, Banco Popular, Banco Sabadell, and CAF, Development Bank of Latin America.

 

Extenda is a commercial company affiliated with the Ministry of Economy, Innovation, Science, and Employment. Its primary objective is to promote and support the internationalization of Andalusian companies and attract investment to Andalusia. To this end, it provides Andalusian companies in all productive sectors with a comprehensive program of services in the areas of information, training, consulting, promotion, and financing, as well as support for companies in 25 markets through its international network.