COFIDES and CAF facilitate investment of Spanish companies in Cuba

The Compañía Española de Financiación del Desarrollo, S.A. (Spanish Development Financing Company) and CAF, Development Bank of Latin America, subscribed today a Non-Reimbursable Technical Cooperation Agreement to promote training for workers from companies with Spanish investment in Cuba, facilitating their establishment in the country and strengthening the country's private sector. 

The agreement was signed by Enrique García, CAF's Executive President, and Salvador Marin, President of COFIDES.

Through this agreement, CAF will provide COFIDES with non-reimbursable technical cooperation resources to support the training of workers from Spanish companies or Cuban companies with Spanish entrepreneurial participation. This program will help provide technical and managerial knowledge on issues related to entrepreneurship, business, and vocation training for workers and technicians that have been or will be hired in Cuba.  

CAF will contribute up to USD 500,000. With this project, companies will receive up to 50 percent of the cost of technical and training activities for up to a maximum of USD 90,000 per operation. 

The signature of the agreement included the participation of Jaime Garcia-Legaz, Trade Secretary of State, who stated that this program strengthens the possibilities of financing while at the same time favoring Cuban access to human resources training, new technologies, and new markets. 

Guillermo Fernandez de Soto, Director for Europe of CAF, Development Bank of Latin America, representing President Enrique Garcia, stated, " Cuba is a very relevant country for Latin America and, therefore, for CAF. This initiative not only supports Spanish companies but also contributes to the generation of talent which will improve the quality of life of Cubans". This plan is framed within CAF's actions to support Cuba at the request of its member countries. 

The President of COFIDES, Salvador Marín, stated that by financing projects through COFIDES' Cuba Line, the management of the FIEX and FONPYME funds, and the development of this agreement, both Spanish and Cuban companies will benefit. "Investor Spanish companies may apply to our Cuba Line and to this additional resources for the training of Cuban workers, to cover part of the costs of the company in Cuba". 

For the Caribbean country, "this is an extraordinary opportunity to achieve sustainable and competitive development for its private sector, by guaranteeing financing to projects that are financially, economically, technically, and commercially feasible, strengthening the transfer of technical and managerial knowledge".  

Since July 2015, COFIDES has the Cuba Line, a tool to promote investment of Spanish companies in the Caribbean country, which has already facilitated the financing of two Spanish SME projects in Cuba. With this EUR 40 million line, COFIDES will provide financing for projects developed in any province in the country, and for the Mariel Special Development Area (ZEDM, for its acronym in Spanish).