IFC Invests in Port Expansion on Colombia’s Atlantic Coast
IFC, a member of the World Bank Group, will provide financing to Colombia’s Terminal Marítimo Muelles El Bosque Sociedad Anónima to support the company’s expansion program. The $15 million investment is expected to boost the Colombian economy significantly by increasing the port’s capacity, which will help expand employment opportunities in the country.
The company holds a 20-year concession to develop and manage a multipurpose port in the Bay of Cartagena, on Colombia’s Atlantic coast. It is Cartagena’s second-largest terminal and the fifth-largest in Colombia, as well as a gateway for the country’s exporters targeting the European market.
Muelles El Bosque will use IFC’s financing to purchase additional equipment, extend the existing container yard, and increase storage space. The capital expenditure program will be used to expand the terminal’s operations, enhance its efficiency, and reduce logistical costs for importers and exporters.
Alberto Jimenez, General Manager of Muelles El Bosque, noted, “We are convinced that this investment to expand our infrastructure and update its equipment will be crucial to making Muelles El Bosque a more efficient port—one that is capable of handling larger volumes and delivering better service to its clients.”
Rashad Kaldany, IFC Director for Infrastructure, said, “The port expansion will contribute to ongoing economic growth and development in Colombia. As part of our commitment to the country, IFC will continue to emphasize the private sector’s involvement in developing the country’s infrastructure.”
Roberto Albisetti, IFC Country Manager for Colombia, added, “IFC’s first port investment in Colombia will contribute to improving the country’s logistics infrastructure to foster growing international trade and reduce handling costs. Expanding and modernizing the port is expected to increase its efficiency, relieve capacity constraints, and improve operating efficiency by incorporating international best practices in the port industry.”
IFC’s strategy for Colombia supports sectors that are essential to the country’s financial development, within the framework of free-trade agreements. This includes financing infrastructure projects through public-private partnerships, such as ports, roads, and airports, as well as supporting logistics companies. IFC also aims to help leading Colombian groups modernize and expand their businesses internationally. Improving access to finance for micro, small, and medium enterprises is also at the core of IFC’s strategy in the country.
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