Press Releases
print

IFC Supports Expansion and Modernization of Sodimac Homecenter, Colombia’s Largest Home-Improvement Retail Chain


In Washington, DC:
Adriana Gomez

Phone:  +1 (202) 458-5204

Email:  
agomez@ifc.org


Washington, D.C., July 2, 2007 — IFC, the private sector arm of the World Bank Group, will provide financing to Sodimac Colombia S.A., the largest home improvement and building material retailer in Colombia. The $40 million loan will support the company’s modernization and expansion plans, helping open more than 10 new stores and create about 2,500 jobs.

IFC, International Finance Corporation, also plans to support Sodimac’s efforts to grow its Colombian-based suppliers and producers through an advisory services program, which will help develop new small and medium suppliers. Since its inception in 1993, Sodimac has grown steadily, establishing 13 stores in Barranquilla, Bogota, Cali, Medellin, and Pereira, and it is about to open new locations in Ibague and Cartagena under its brands “Homecenter” and “Constructor”.


Carlos Enrique Moreno, CEO of Sodimac, said, “IFC’s financing will help us strengthen our leadership position and growth strategy. It will also enable us to continue offering clients a wide range of products at affordable prices. We look forward to a long-term partnership with IFC, which brings unique expertise and experience working with sustainable private companies in Latin America.”


Roberto Albisetti, IFC Country Manager for Colombia, noted, “We are proud of this new partnership with Sodimac, a key player in Colombia with the vision to develop a business model that has a positive impact on the country’s small-scale economies and local consumer.”


IFC in Colombia

Since Colombia became a member of IFC in 1956, the Corporation has provided $1.7 billion to the country’s private sector, including syndicated loans for a total of $500 million. In fiscal 2006, IFC invested $291 million in private sector projects in the country. The Corporation’s total committed portfolio in the country, as of December 2006, was over $506 million.


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 involving 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.


About IFC

IFC is the private sector arm of the World Bank Group and promotes open and competitive markets in developing countries.  IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to improve their lives. Over the past 50 years, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business-enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit
www.ifc.org.