The loan to Ecuador is for eighteen trains for the Quito Metro.
The Diplomat. 01/02/2016
The Spanish Cabinet approved three loans to be charged to the Company Internationalisation Fund (Fondo para la Internacionalización de la Empresa), on Friday. They are for projects involving Spanish companies in Ecuador, Mexico and the Dominican Republic.
The Ecuador loan will be 183,5 million dollars (168,1 million euros) and will be for the supply of rolling stock for the project covering Line 1 of the Quito Metro Phase 2.2. Specifically, in concessional terms, the loan will be for the design, supply and assembly of eighteen trains of six carriages (108 carriages), auxiliary vehicles, equipment and tools for maintenance and replacement parts for ten years.
The project is included within another larger one for the above mentioned Line 1, which also includes the civil engineering work for an amount of 1.659 million dollars (1.520,5 million euros). The civil engineering work will be financed by the following banks, BEI (274 million euros), the BID (183,3 million euros), the BIRF (325,4 million euros), the CAF (229,1 million euros) and the BNDES (230 million euros), among others.
According to the Spanish Government, the project is of significant economic interest to Spain which will be responsible for covering all the phases of the project, and will act as a notable stimulus for Spanish exports of a technological content and high added value. In addition, it is considered it will have a similar effect on Spanish SMEs and, consequently, on the creation of employment. Indirectly, it will provide the opportunity for technological cooperation in the long term between Spanish companies in the sector as well as cooperation with Madrid Metro.
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The Government has approved two other loans for Mexico and the Dominican Republic
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As for Mexico, the loan, repayable under commercial conditions, and for an amount of 2,6 million euros, will be used to set up a foam laminated fabrics factory in Silao (Guanajuato State) for the manufacture and marketing of vehicle components for the NAFTA automotive market.
For this project, the Grupo Copo has formed a new company in Mexico. A first phase will focus on the manufacture of foam laminated fabrics for vehicle roofs and seats.The Grupo Copo has signed contracts with VW and with Daimler-Chrysler.
Finally, in the case of the Dominican Republic, it will be a loan, repayable under OECD commercial conditions, to the PRODUCTOS DOMINICANOS efepe S.A. to produce an irrigation system via a water pump operated by photovoltaic solar energy in Finca Prodosa, owned by the above company, by the Spanish company Salix Energías Renovables. The loan amounts to 168.000 dollars (153.898,6 euros).
