On the other hand, 18.5 million euros will be granted to the company CIE Pemsa, specialized in stamping, assembly and painting production processes, and 10.5 million euros to CIE Nugar, dedicated to stamping and assembly. It was with this company that CIE Automotive began its activity in Mexico in 2003, when it also had COFIDES support. On the one hand, 21 million euros for the execution of new projects of the company CIE Celaya, dedicated to stamping and aluminum injection. Thus, COFIDES will provide 50 out of the over 75 million euros of total investment required by the projects. The financing will be provided via three co-investment loans charged to the own resources of COFIDES and the FIEX, which COFIDES exclusively manages on behalf of the Secretary of State for Trade. The President and Chief Executive Officer of COFIDES, José Luis Curbelo, and the Chief Executive Officer of CIE Automotive, Jesús María Herrera, have signed the financing agreements at the COFIDES headquarters in Madrid in the presence of the Minister of Industry, Commerce and Tourism, Reyes Maroto, and the President of CIE, Antón Pradera. Compañía Española de Financiación del Desarrollo, COFIDES, S.A., S.M.E., will grant 50 million euros to the automobile components manufacturer CIE Automotive to contribute to the group's growth in Mexico.
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