France’s Banque Publique d’Investissement (Bpifrance) has issued its first export credit facility to bread equipment manufacturer Mecatherm, for the export of two bread production lines to Mozambique.
The lines were bought by the Premier group, and will be installed in a Spar convenience store located in downtown Maputo.
Bpifrance launched its export credit offering (including buyer’s and supplier’s credit) in March 2015, targeting SMEs and midcaps with loans of €1mn to €25m, covered by Coface. The bank can also provide €25mn to €75mn as part of co-financings.
Anne Guérin, international finance director at Bpifrance, says: “This first transaction is very symbolic of Bpifrance’s desire to assist French SMEs and midcaps in their innovation and internationalisation. Mecatherm is an industrial mid-sized company showing good growth thanks to its ability to innovate and conquer international markets.”
Created in 2013, Bpifrance offers capital and innovation investment, guarantees and support for small businesses’ internationalisation. It is in the process of taking over Coface’s ECA offering to gather all public export support under one umbrella, with completion expected by mid-2016.
Alsace-based Mecatherm was founded in 1964 and employs 470 people. Its production lines are already present in 50 countries, and 85% of the group’s €104mn turnover is made abroad.