COFIDES supports the Basque company Construcciones y Auxiliar de Ferrocarriles, CAF, in its international expansion. A €35M loan from the Fund for Foreign Investments (FIEX) has been conceded in order to fund CAPEX investments for the production of trains and buses powered by renewable energy. This will finance the company's investments in different countries.
This is the fourth operation in which COFIDES and CAF collaborate after supporting the company's expansion in Poland and the United Kingdom, besides other international projects.
The operation contributes to the achievement of Sustainable Development Goal 8. It also benefits from the COFIDES Impact program, part of the Recovery, Transformation and Resilience Plan. With this initiative, financed by the European Union-Next GenerationEU, COFIDES supports investment projects generating a positive impact on the achievement of the SDGs by providing a bonus through the variable sustainability component of the financing price, linked to the achievement of certain sustainable indicators. In this operation, the financing price bonus will be linked to the reduction of Scope 1, 2 and 3 emissions.
The corporate director of COFIDES' Investment Department, Miguel Ángel Ladero, pointed out that "COFIDES is firmly committed to promoting the internationalization of Spanish companies that, like CAF, have sustainable projects and generate quality employment.
ABOUT CAF
CAF Group is a multinational group with more than 100 years of experience and one of the international leaders in rail and bus mobility. It is present in more than 60 countries and has industrial facilities in Spain, United Kingdom, USA, Brazil, Poland and Mexico.
ABOUT COFIDES
COFIDES is a state-owned commercial company specialized in managing State funds that provides financing for private investments to achieve various public policy objectives. For over three decades, it has been managing resources aimed at supporting the internationalization of Spanish companies, and since 2021, the FONREC, a fund aimed at strengthening the solvency of Spanish companies severely affected by the COVID-19 pandemic. COFIDES has been assigned the direct management of two new financial instruments: the Co-investment Fund (FOCO), to attract foreign investment to Spain in activities mainly linked to green and digital transitions, and the Social Impact Fund, aimed at reinforcing the national ecosystem of impact investment. Additionally, COFIDES supports the Spanish Agency for International Development Cooperation (AECID) in managing financial cooperation resources. The Spanish state owns 53% of the capital, while the remaining 47% is held by Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and the Development Bank of Latin America and the Caribbean (CAF).
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