Madrid, February 23, 2021. COFIDES supports ALFOCAN, a company specialised in the production, sale and distribution of crayfish, in its consolidation in Egypt. COFIDES will finance this Sevillian SME with 750,000 Euros through a joint venture loan charged to FONPYME. The total investment made by the company to develop this project is 1.2 million Euros.
The financing provided by COFIDES will allow ALFOCAN to expand and upgrade its factory in Egypt to the latest technology and the highest quality and hygiene standards. In doing so, it will be able to consolidate its exports to Europe and the United States, complying with strict food safety standards.
José Luis Curbelo, President and CEO of COFIDES, has stated that in the current period of economic uncertainty generated by the COVID-19 pandemic, "it is essential to continue supporting SMEs so that they are more innovative and competitive and contribute to generating value".
Nicolas Roux, Managing Director of ALFOCAN, has stated that "the support of COFIDES represents a boost in an important stage within our international strategy. Through this project, ALFOCAN will strengthen its presence in Egypt to continue guaranteeing a constant supply of high-quality products from a range of origins, generating new opportunities at a global level while promoting local development".
CONTRIBUTION TO THE SDGs
This investment contributes significantly to the achievement of the Sustainable Development Goal (SDG) 8, decent work and economic growth. It also contributes to SDG 10, reducing inequalities and SDG 17, on partnerships for development.
ABOUT ALFOCAN
Founded in Seville in 1987, ALFOCAN is a leading SME in the production and commercialisation of Spanish crayfish, mainly fished in the Guadalquivir delta and in the continental water masses of Extremadura. ALFOCAN sells product manufactured in Isla Mayor, Seville, and markets the product fish and manufactured in Egypt by the project company. It exports 98% of its production, the main export destinations being the United States, followed by the Netherlands and France and, to a lesser extent, Finland, the United Kingdom, Germany, Sweden, Belgium, Austria, Poland and Estonia.
The company boasts the best infrastructure and the latest technology in the sector. The production capacity of the Isla Mayor site is some 2,000 tons per year. The company has the most important food quality certifications regarding the control of the production chain to guarantee the traceability and excellence of all the products it produces.
d related jobs in Spain. The chemical sector is the second largest exporter in the Spanish economy and the leading investor in R&D&i and Environmental Protection.
ABOUT COFIDES
COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad. COFIDES is accredited to the European Union (EU) to manage funds coming from the EU budget, allowing the structuring of transactions with a high impact on development. COFIDES is also accredited to the UN’s Green Climate Fund (GCF) and can therefore structure operations on climate change mitigation and adaptation. Moreover, COFIDES 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 and also supports AECID in managing FONPRODE funds. COFIDES’s shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.
