Financier commits €100m to support Spanish firms in Africa
Spanish development financier Compañía Española de Financiación del Desarrollo (Cofides), which is jointly owned by the Spanish government and three Spanish commercial banks, has committed up to €100-million to support South African and African infrastructure projects in which Spanish companies have a meaningful equity participation.
The commitment was made in December at the signing of a memorandum of understanding with South Africa’s Industrial Development Corporation and is subject to a single-project limit of between €75 000 and €30-million.
Cofides chairperson Salvador Marín indicated that the agreement would support the efforts of Spanish companies particularly in the renewable-energy and transport sectors.
However, it also aims to boost initiatives in the automotive and components sector, as well as in power generation and transmission, food processing, pharmaceuticals and the aeronautical sector.
Spanish renewables enterprises have emerged as leading participants in South Africa’s Renewable Energy Independent Power Producer Programme. During the first two bid windows, a total of 47 projects progressed to the preferred-bidder stage and the first 28 projects reached financial close in November last year.
Marín noted that more than 100 Spanish companies were entering the South African market to develop solar or wind power plants and associated manufacturing facilities.
He also estimated that, over the coming two years, Spanish investments in South Africa would grow from an asset value of €2.2-billion to €5.5-billion.
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