IIC Grants Loan of up to US$3 Million for Expansion of Colombia’s Main Port
Loan will boost operating capacity of Grupo Portuario S.A. by 35%
Washington, D.C., July 26, 2012 — The Inter-American Investment Corporation (IIC) approved a loan of up to US$3 million to port operator Grupo Portuario S.A. to expand the wharf at the Buenaventura Marine Terminal on Colombia’s Pacific coast, boosting its operating capacity by 35%.
Grupo Portuario will use the long-term loan in U.S. dollars to dredge the approach channel and expand the wharf, creating a new berth. The wharf already handles 11% of Buenaventura’s cargo volume and is used for loading, offloading, and moving minerals, bulk freight, loose cargo, vehicles, and containers.
“Expanding the port’s infrastructure will strengthen economic ties with the export sector, given the Port of Buenaventura’s proximity to Cali, Bogotá, and Medellín, the country’s major cities,” noted Olga Lucía De Narváez, IIC investment officer in charge of the operation.
Álvaro Rodríguez Acosta, CEO of Grupo Portuario, added, “With the IIC loan, we expect to boost our operating capacity by 35% in order to handle the growing volume of import and export cargo. This will enable us to be more competitive and make a valuable contribution to Colombia’s economy.”
With over 15 years’ experience, Grupo Portuario is a private corporation that manages a public port at Wharf 13 of the Buenaventura Marine Terminal. The company employs 45 people directly and will add another 70 to its payroll during the construction phase.
Buenaventura covers an area of 6,000 square km. It moves 40% of Columbia’s cargo, making it the country’s principal port—one of the most important on South America’s Pacific coast due to its proximity to the Panama Canal. The total investment in the expansion project will amount to about US$10 million.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2011, the IIC reached the symbolic one-billion-dollar mark in disbursements of own and third-party funds. Throughout our history, we have benefited more than 1.6 million SMEs in Latin America and the Caribbean. For more information on the IIC’s activities, visit www.iic.org.
Contact: Olga Lucía De Narváez
Telephone: + (571) 325-7052