COFIDES will support the international expansion of the fishing company Wofco in Paraguay. To this end, it has granted a €2.5 million loan, financed through the Fund for Investments Abroad (FIEX) and COFIDES’ own resources, to invest in the Paraguayan company South Atlantic Company, S.A., in which Wofco holds a 40% stake.
The COFIDES financing will be used for investments in cold storage tunnels and machinery for the launch of a Patagonian prawn processing plant in Hohenau, Paraguay. The project aligns with Wofco’s vertical integration strategy and aims to reduce logistics and processing costs, as well as shorten delivery times.
The plant, with 7,000 m² of built area, offers high production capacity. Through this project, Wofco plans to create over 200 jobs, most of which will be occupied by women.
WOFCO holds a strategic position as a global B2B operator in the frozen seafood and fish sector and is one of the national leaders in Spain.
Miguel Ángel Ladero, Corporate Director of the Investments Department at COFIDES, stated: “COFIDES supports Spanish companies with high growth potential. The new plant in Paraguay will allow Wofco to strengthen its presence in Latin America, optimize its logistics processes, and improve its responsiveness in strategic markets.”
ABOUT WOFCO
WOFCO (Worldwide Fishing Company) is a global fishing company based in Vigo, Spain, dedicated to marketing seafood products in over 55 countries. Founded in 2016, it is a vertically integrated company that controls the entire production chain, from fishing to sales. The company employs nearly 400 people, more than half of whom are women.
ABOUT COFIDES
COFIDES is a state-owned commercial company that manages financial resources from the Spanish government, as well as its own funds and those from third-party institutions, with various objectives: promoting the internationalization of the Spanish economy, attracting foreign investment to strategic sectors in Spain, supporting impact-driven economic initiatives in Spain, and contributing to the development of countries where it invests. In addition to the Spanish government, which holds a majority stake, COFIDES’ shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and CAF—Development Bank of Latin America.
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