COFIDES will contribute to the international expansion of the engineering firm Sondeos Estructuras y Geotecnia SA (SEG Ingeniería) in Bogota, Colombia.
COFIDES will provide €407,950 through two joint venture loans from the Fund for SME Foreign Investment Operations (FONPYME) - 75% and from COFIDES own resources - 25%. One of the loans of €160,550 will be used to finance the operating costs of the project company and the other loan of €247,400 will be aligned to finance the purchase of laboratory equipment (control materials), five survey teams and auxiliary materials for the subsidiary in Colombia.
This is the first operation between the two entities, which will help to reinforce SEG Ingeniería’s activity in the Latin American market. SEG Ingeniería’s subsidiary in Colombia currently has more than 200 employees involved in proprietary projects or in those with a majority stake. The aim of SEG Ingeniería is to expand their participatory capacity in engineering projects in Colombia, where they have accumulated experience since 2010, having opened a branch and a subsidiary to bid for and incorporate geo-technical projects. The company has increased its activity in recent years to assume 55% of its global turnover. With COFIDES support, an increase in turnover in the coming years is estimated.
COFIDES Chairman and CEO, Salvador Marin highlighted the activity of engineering companies in the Latin American market, as it is one of the sectors with the largest number of projects in the international arena. “Spanish engineering companies have the complete support of COFIDES in their internationalisation process and have the FINING line, specifically created to support the overseas activity of engineering firms”.
SEG Ingeniería Operations VP, Jaime Fernandez Gomez expressed the company´s commitment to the expansion of Spanish engineering in the Latin American market, where they are finding great opportunities in infrastructure improvement. SEG continues to focus on the knowledge transfer related to the technical control of large infrastructure projects, through its heavy investment in equipment modernisation and training of personnel in its Colombian arm.
SEG Ingeniería is a Valencian company founded in 1969. It core buiness is consulting, engineering, architecture in the civil engineering sector. Its main activity is the design and development of infrastructure, geotechnical studies, ground engineering, supervision of civil infrastructure and buildings and verifying the quality of materials in its construction process. It has an international presence in Colombia, Ecuador, Mexico and Panama.
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 of Commerce, within the Ministry of Economy 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.
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