IFC, IFC Asset Management Company to Invest $150 Million to Strengthen Colombia's Infrastructure
The IFC and two funds managed by the IFC Asset Management Company have signed an agreement to make their largest-ever equity investment in Colombia's infrastructure, providing $150 million for Pacific Infrastructure Ventures to support the growth in the country's oil and gas exports.
The equity investment will be provided by IFC; the IFC African, Latin American and Caribbean Fund; and the IFC Global Infrastructure Fund to help Pacific Infrastructure develop port, storage, and transportation facilities.
In recent years, Colombia has increased oil and gas production but exports have been constrained because of inadequate transportation infrastructure. This equity investment will help Pacific Infrastructure develop two new assets:
- Sociedad Portuaria Puerto Bahía S.A. and
- Oleoducto del Caribe-Olecar S.A.S.
Puerto Bahía is a new liquid import-export terminal on the bay of Cartagena, one of the largest trade hubs in Latin America. It is designed for an initial storage capacity of 3.3 million barrels of crude oil and hydrocarbon products. The total facility comprises 140 hectares and is expected to include a general cargo handling area, as well as an industrial free-trade zone.
Olecar is a 130-kilometer crude oil pipeline, which will connect Puerto Bahía's facilities with Colombia's principal crude export terminal in Coveñas, located on the Caribbean coast. It will also include a direct connection between Puerto Bahía and Refineria de Cartagena - Reficar.
Source: IFCCountry news
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