Madrid, January 18, 2020.- COFIDES will provide financial support to Grupo Planasa to facilitate its consolidation in Mexico. With this aim, it will provide the equivalent in euros of 12.77 million dollars, up to a maximum of 11.6 million euros, through a co-investment loan to the project company, Planasa México.

COFIDES financing for Planasa (through FIEX and its own resources) will facilitate the purchasing of land (110 hectares) and facilities needed to expand strawberry and raspberry plant production. This will enable the company to cover its current high levels of demand and increase its market share.

Planasa has been present in Mexico since 2010 and is dedicated to the cultivation, development of vegetable varieties and sale of plants, mainly of berries (strawberry, raspberry, blueberry and blackberry). Mexico is one of the company's main growth centres, as it is one of the world's leading producers of berries.

INNOVATION STRATEGY

R&D investment is a key part of Planasa group's core business, contributing to varietal innovation in agricultural production. This is complemented by the transfer of knowledge and know-how where their projects are located, helping to achieve SDG 9 (Industrial Innovation and Infrastructure). It also supports SDG 5 (Gender Equality) and 10 (Reduce Inequality).

COFIDES President, José Luis Curbelo, stated that "companies that rely on R&D generate value and are more competitive." "We hope that this investment will help to consolidate the company's growth and at the same time promote employment and opportunities in Mexico."

The President of Planasa, Alexandre Pierron Darbonne, stated that "our vision is for Planasa to be a global leader in the development (R&D) of new berry varieties, supported by an efficient nursery business focused on maximum quality and meeting the expectations of our clients. This project in Mexico, the first of our strategic plan 2020-2024, reflects our commitment to a growing market. The addition of COFIDES in the financing provides us with undeniable additional value in fulfilling our business plan. In the immediate future, and in new R&D and internationalization projects, we hope to have COFIDES again as a financial partner”.

Planasa's headquarters are located in Valtierra, Navarra. Planasa has an international presence thanks to a commercial network distributed over 4 continents and a strong network of collaborators in different countries and climatic regions. Planasa's objective is to obtain new vegetable varieties in order to achieve a balance that meets farmers' future needs and consumer tastes in different markets. Planasa has farms all over the world that have been strategically chosen for their soil and climatic conditions. In these farms, commercial crops, research, observation and trials of new varieties for continental, Mediterranean, temperate and even tropical climates are carried out.

COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad since 1988. It is accredited with the EU to manage Community budgets, allowing it to structure transactions with a high impact on development. It is also accredited with the UN’s Green Climate Fund and can structure operations on climate change mitigation and adaptation with the GCF. It 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 supports AECID in managing FONPRODE funds. Shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.