IIC Approves Loan To Termo Rubiales S.A. In Colombia
08/31/2009Washington, D.C. - On September 1, 2009, the Inter-American Investment Corporation (IIC) approved a loan of up to US$5 million to Termo Rubiales S.A., a company established to develop a thermopower project associated with a heavy fuel oil operation at one of Colombia’s most strategic oilfields.
The purpose of the project is to supply the power needed by the oilfield to extract approximately 170,000 barrels of oil a day. The oilfield is not connected to the Colombian power grid; it depends on a limited thermopower generation capacity for the power it needs to implement its oilfield development plans.
The IIC will be supporting the development of Colombia’s oil sector by granting long-term financing. It will also encourage private investment in the sector, greater local oil production, and compliance with certified environmental protection, social, health, and safety standards.
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2008, the IIC reached US$1.5 billion in assets and approved sixty-four operations channeling US$300.5 million to SMEs in the region. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC’s activities, please visit www.iic.int.
Contact: Olga Lucía De Narváez
Telephone: + (571) 325-7052