COFIDES will help fund the construction of hydraulic infrastructures in Nicaragua by means of a joint venture loan to the SME Viguecons, specialists in water supply, sanitation and treatment plants.
COFIDES will provide 800,000 euro for this project, with the funds coming from its own resources and the FONPYME. The company will finance the operating expenses of its subsidiary in Nicaragua, the total investment of which is 1.12 million euro. This is the second project COFIDES and Viguecons have collaborated on, after supporting its commercial establishment in Panama.
Viguecons began its expansion in the country in 2017, given the country´s need for infrastructure development. It is currently implementing a project for the improvement and expansion of the potable water system in Nueva Guinea, which is part of a programme which is financed by the European Investment Bank (EIB). Through this project, the company will create 180 jobs.
Nicaragua’s economic sector has shown great dynamism in recent years. With 6.3 million inhabitants, the potable water supply network reaches 67% of the Nicaraguan territory and the objective is to expand coverage to 95% of the country. With respect to sanitation services, the goal is to go from 18% to 65% of the territory.
The chairperson of COFIDES, José Luis Curbelo, stressed that COFIDES’ support helps Spanish companies to grow in the global economy and be competitive while contributing to the development of the context in which they operate, in this case the Central American region.
Viguecons Estévez S.L. has its head office in Almodóvar del Río (Córdoba). It has a high degree of specialisation in operations related to hydraulic public works, civil engineering works, water treatment and construction. With 35 employees, it operates both in Spain and internationally through its branches in Panama and Nicaragua. The company backs R & D & I by way of various agreements with the universities of Seville and Córdoba and the Ecija Water Consortium, among others.
COFIDES is a public-private company which has been offering financial support to Spanish companies investing abroad since 1988. It 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. Shareholders include Banco Bilbao Vizcaya Argentaria (BBVA), Banco Santander, Banco Sabadell and CAF-Development Bank of Latin America.
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