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.
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.