Madrid, March 21, 2021. COFIDES will support P4Q Electronics, specialist in designing and manufacturing electronic products and systems, to acquire new machinery for its manufacturing subsidiary in China.
To this end, COFIDES has granted a co-investment loan worth 1.6 million euros to the project company, Professionals for Quality Electronics (Kushan) Co. Ltd., under the FONPYME (75%) and using its own resources (25%). The total investment of this project is 3.2 million euros.
This subsidiary was set up in 2018 in Kunshan and is engaged in manufacturing components for the photovoltaic and automotive industries. It currently has a wide range of contracts and is meeting the growing demand from its photovoltaic energy customers.
COFIDES and P4Q have previously collaborated in setting up the company´s production facility in Albuquerque, USA.
COFIDES Chairman & CEO, José Luis Curbelo, highlighted the need to “continue supporting SMEs to continue to grow abroad despite the difficulties brought about by the COVID-19 pandemic”.
P4Q´s CEO, Aitor Alapont, sought to highlight COFIDES´ support and collaboration in successfully meeting the group´s financing needs. “We already had experience in collaborating with COFIDES, following the support they gave us in the US plant, so we had no doubts about approaching them with this new project, which will surely bear fruit for both parties in the future” he said.
CONTRIBUTION TO THE SDGs
This investment contributes to achieving Sustainable Development Goal (SDG) 5 on Gender Equality and SDG 8 on Decent Work and Economic Growth. The company has created 33 jobs in China and has 8 female employees. It also supports SDG 10 on Reducing Inequalities and SDG 17 on Partnerships for the Goals.
ABOUT P4Q ELECTRONICS
With its headquarters in Alonsótegui, Bilbao, P4Q Electronics is a company that specialises in designing and manufacturing electronic products and systems for the railway, renewable energy and automotive industries. It has production subsidiaries in the United States and China.
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.