COFIDES supports Grupo Torrent's growth in Kenya

COFIDES will support Grupo Torrent, a company that specialises in the production of non-refillable caps, in the expansion of its production plant in Nairobi (Kenya).

COFIDES will provide 2 million euros through a co-investment loan to the project company, Torrent East Africa Limited, from its own resources. The total investment in the project is 2.5 million euros. This financing will enable Grupo Torrent to double the production capacity of its plant in Kenya through the launching of a new production line. By doing so, it will increase its market share in Kenya and expand its market share in other East African countries.

Grupo Torrent has been operating in Kenya since 2017 in the form of a subsidiary company dedicated to the manufacturing of non-refillable and reusable plastic caps for the agro-food industry. It is the first company producing this type of cap in East Africa and has a staff of 40 employees. Kenya is the largest economy in East Africa and due to its strategic position with access to the sea, it maintains important commercial links with the rest of the countries in the area.

The COFIDES Chairman, José Luis Curbelo, said that "COFIDES aims to contribute to strengthening investment in Africa, a continent that offers many opportunities for Spanish companies." At the same time, pointed out that for COFIDES it was essential to ensure that companies invest abroad in order to facilitate a rapid recovery from the crisis created by COVID-19. "Boosting sustainable employment and economic growth is crucial to tackling the impact of COVID-19", he added.

For his part, the Executive Chairman of Grupo Torrent, David Torrent, welcomed COFIDES' support for the new expansion project involving the creation of the second cap production line at its factory in Africa, because "it allows us to export our know-how to the continent of Africa and to fufill a significant need for the beverage sector." Torrent also said that "our goal is to prevent counterfeiting, protect public health and promote quality consumption."

Grupo Torrent Chairman added "our Torrent Africa plant represents an ambitious project on an international level, which reaffirms our company policy and philosophy of always being close to our clients".

IMPACT ON THE SDGs

The investment in Grupo Torrent contributes to achieving the United Nations' Sustainable Development Goal (SDG) 9 (industry, innovation and infrastructure), as it furthers the development and strengthening of the manufacturing sector in Kenya and contributes to the training of the workforce there through the training activities of Grupo Torrent's employees. It also contributes to the achievement of SDG 8 (decent work and economic growth), SDG 5 (gender equality) and SDG 10 (reduced inequalities).

ABOUT GRUPO TORRENT

Based in Cadiz, Grupo Torrent has more than 100 years' experience designing and manufacturing non-refillable caps for the agri-food industry. It is a world leader in the market of non-refillable caps for extra virgin olive oil. It has six production plants: four in Cadiz and one each in India and Kenya, as well as commercial enterprises in Russia, Colombia and Mexico. It exports to more than 70 countries and has a staff of more than 600 employees. The company's history is characterised by innovation and continued excellence in the search for closure solutions developed to meet the needs of its clients.

ABOUT COFIDES

COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad. COFIDES is accredited to the European Union (EU) to manage funds coming from the EU budget, allowing the structuring of transactions with a high impact on development. COFIDES is also accredited to the UN’s Green Climate Fund (GCF) and can therefore structure operations on climate change mitigation and adaptation. Moreover, COFIDES is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism and also supports AECID in managing FONPRODE funds. COFIDES’s shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.