Madrid, August 06, 2019.- Grupo Eurotex, dedicated to the manufacture and marketing of paints, enamels and varnishes, will expand its subsidiary in Tangier (Morocco) with the support of COFIDES.
To this end, COFIDES will provide a joint investment loan of 200,000 euros from its own funds (25%) and from the FONPYME fund (75%) to the project company, Industrie Chimique EUROTEX Maroc SARL. The total investment, together with the contribution by the promoter, amounts to 315,000 euros.
Since 2018, Morocco has been the primary car manufacturer in Africa. The auxiliary automotive industry is in full development as it supplies one of the main economic driving forces in the country. For this reason, Eurotex Group plans on focusing its activity on the auxiliary automotive industry by becoming a supplier of paints for parts manufacturers and repair shops.
The solid development of infrastructure and the automotive sector, especially in developing countries, is helping to boost the demand for paints and coatings. Likewise, growing environmental awareness has led to an increase in the demand for paints and coatings with low levels of organic and volatile compounds, which represents a great opportunity for Grupo Eurotex in terms of developing its activity.
The COFIDES chairman, José Luis Curbelo, stressed that COFIDES aspires to develop more projects in Africa, "a continent of strategic importance for our country in which Spanish companies still have a limited presence and that, according to all analyses, will benefit from high and sustainable growth rates in the coming years."
Grupo Eurotex was founded in 1981. Its headquarters and main production centre are located in El Viso de Alcor (Seville), where it has 33,000 square metre facilities and a production capacity of 150 tons per day. It has 120 employees in Spain and 22 in Morocco and expects to expand its workforce by 10% over the next three years.
COFIDES is a public-private 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.