MADRID, Nov 11, 2014 (Press Release) - Compañía Española de Financiación del Desarrollo,COFIDES SA will finance the international growth of the paper company Gomà-Camps, for their implementation in Luanda, Angola.
COFIDES has granted a co-investment loan of €1,100,000 through the Fund for Foreign Investment (75%) and COFIDES own resources (25%) for the productive implementation of Goma-Camps in Africa.
FIRST FINANCING OPERATION IN ANGOLA
COFIDES Chairman, Salvador Marín highlighted the importance that Africa is gaining as a destination for international expansion for Spanish companies. He pointed out, "Angola is one of the countries where today the economic prospects in the Africa sub-Saharan region can be appreciated; in this regard, a few months ago we signed a cooperation agreement with the Business Development Institute of Angola that is now starting to reap rewards, like this project that we are supporting today".
The GC Group Finance Director Josep Gomà Camps stated "in a mature market like the tissue paper one in Southern Europe our focus right now for company growth is centred on the African continent. Our sector is very capital intensive and the funding that we obtained today through COFIDES will provide a large boost to the development of our Angolan project". In fact, this is the first project financing operation for COFIDES in Angola
Gomà-Camps is a Catalan family group with 255 years of history, the third oldest family-owned company in Spain, dedicated to the integrated manufacture of tissue paper. It is characterised by the quality and diversity of its products, both virgin cellulose tissue and recycled tissue. Gomà-Camps offers a wide range of products for the consumer market as well as for the high-end products required in the professional hygiene sector, such as cleaning, catering, hospitals and associated activities.
With its head offices in La Riba (Tarragona), Goma-Camps has a presence through its subsidiaries in Portugal, France, Morocco and Angola. The company has 450 employees and its subsidiary in Angola has 9 employees. With this funding from COFIDES, the number of employees in the subsidiary will increase to in excess of 27.
COFIDES is a combined private-public concern, which since 1988 has provided financial support to Spanish enterprises abroad. COFIDES manages the FIEX and FONPYME funds on behalf of the State Secretariat of Commerce, within the Ministry of Economy and Competitiveness. The stockholders include the Bank of Bilbao Vizcaya Argentaria (BBVA), Santander Bank, Popular Bank and Sabadell Bank.