Compañía Española de Financiación del Desarrollo, COFIDES SA has signed a financing agreement with the Walter Pack Group for two internationalisation projects in India and Mexico.
To do this, COFIDES has granted a joint venture loan through the Fund for SME Foreign Investment Operations (FONPYME) amounting to €600,000 to support the productive implementation of the promoter in Mexico.
COFIDES will provide an additional €400,000 via another joint venture loan through FONPYME for the expansion of their production plant in India. The total investment for both Walter Pack Group projects in India and Mexico totals €1,852,661.
Walter Pack Group, founded in 1992, specialises in the design and manufacture of plastic parts. With extensive experience and knowledge of in-mould decoration for the automotive sector by IMD-IMF technology, this company is one of the true leaders in this sector. It has a foreign subsidiary in Pune, India, which was set up in 2007 as well as a recently opened (mid-2014) plant in the state of Querétaro in Mexico, that plans to create over 22 jobs in its first year of operation.
These are the first projects in which COFIDES has cooperated with the Walter Pack Group, as part of its internationalisation plan. After the signing of these agreements, COFIDES Chairman and CEO Salvador Marín stressed the capacity of the SMEs and the great interest they have in new markets. “Within COFIDES we aspire to be a benchmark for small and medium enterprises in their international growth, in order for them to become stronger not only in Spain but also in the destination countries, as a contributor to their 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 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