Madrid, 08th of September, 2020.- COFIDES will finance the Spanish aerial geophysics services company Xcalibur Geophysics as they seek to establish themselves in Colombia. COFIDES will grant a joint venture loan of 360,000 euros funded via the FONPYME and its own resources.

Accordingly, Xcalibur Geophysics is providing services for Colombia's Geological Survey, within the framework of an aerial geological mapping project of the Nariño and Macizo regions. It also aims to play an active role in natural resource exploration plans in Colombia. The company has significant previous international experience, in Africa, Europe and Asia. COFIDES is thus contributing to the geographical diversification of the Spanish firm, with this first investment project in Latin America.

The COFIDES Chairman, José Luis Curbelo, highlighted the importance of supporting Spanish SMEs abroad, in particular companies which have the “capacity for innovation and a significant technological component, capable of developing their own solutions in sectors with high growth and added value.”

Víctor González, Director of Business Development at Xcalibur Geophysics, underlined the importance of the project to the company's future strategy. The aim is to “extend our geographical presence to the American continent in order to showcase our operational efficiency and our technological developments in the exploration of natural resources”.


This project contributes to the achievement of Sustainable Development Goal 8 (Decent work and economic growth), since it stimulates the creation of direct employment; SDG 5 (Gender equality); SDG 10 (Reduced inequalities); and SDG 17 (Partnerships for the goals).


A company founded in Madrid in 2008, it is the head of a group of companies dedicated to the provision of high-resolution aerial geophysics services. The company carries out specialised cartographic studies and projects by obtaining data with the use of complex geophysical technologies installed in light aircraft and helicopters. Using advanced models of processing and interpretation software, Xcalibur Geophysics creates advanced maps to facilitate the location of natural resources (minerals, oil, gas, water, geothermal). It is a leader in aerial geophysics in Africa, working for governments and private companies.


COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad since 1988. 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.