Madrid, December 30, 2021. COFIDES has formalised the granting of a loan of 4.1 million euros to Martínez Otero. The signing of the operation represents the first formalisation of the concessions in charge of the Recapitalisation Fund for companies affected by COVID-19 (FONREC).
José Luis Curbelo, COFIDES chairman, and Alejandro Valladares, chairman of Martínez Otero, have signed the financing agreement by which the design, remodelling and interior decoration company for hotels and fashion stores will obtain 2.4 million euros through an equity loan, and 1.7 million euros through an ordinary loan. This is a sector that has been seriously affected as a result of COVID-19 and movement restrictions, and which is expected to recover in the coming months.
Martínez Otero, based in A Estrada (Pontevedra), operates globally, and has subsidiaries in Spain, Morocco, the United States, and the Dominican Republic. The company currently has over 300 employees and generates over 50 indirect jobs. Its provider network exceeds 2,000 providers nationally and internationally.
José Luis Curbelo, COFIDES chairman, highlighted that "COFIDES continues to make progress in FONREC concessions, with the aim of promoting the economic and financial recovery of companies that have suffered the impact of the pandemic and so supporting the economic structure of the country and the maintenance of employment. Martínez Otero is a key company for the local market, and we trust that this support from FONREC will help to strengthen its long-term viability". He also emphasised that 6 financing concessions have already been approved under the FONREC and the fact that a long list of future investments are ongoing.
Alejandro Valladares, chairman of Martínez Otero, added that "this operation makes a significant contribution to guaranteeing our financial stability over the coming years, allowing us to focus our efforts on operational consolidation and the development of our business. We want to thank the COFIDES team for the support and involvement shown throughout the entire process that we culminate today".
COFIDES, a State-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
