Washington, D.C., June 1, 2005 — The
International Finance Corporation, the private sector arm of the World
Bank Group, will provide $10 million to the Peruvian company Ransa Comercial
S.A. to support its 2005 investment program. Ransa, Peru’s market
leader in the distribution and storage business, will use IFC’s financing
to build two new distribution warehouses, refinance short-term debt, and
acquire additional land. The total project cost is estimated at $20
million.
Ransa, an existing IFC client, is a third-party logistics company based
in Lima that specializes in handling, storage, and distribution of grains,
frozen food, and other general cargo. Its services include in-bond
warehouses, a shipping agency, stevedoring services, and trucking. Ransa
is a wholly-owned subsidiary of Peru’s Romero Group.
Jean-Paul Pinard, IFC’s director for agribusiness, said, “This financing
will help improve the logistical delivery chain of mass consumption goods
in Peru. It will expand the existing wholesale infrastructure of Lima,
with benefits to producers, wholesalers, retailers, and end consumers.”
He also noted that IFC is pleased to be providing support to Ransa
and Grupo Romero for the second time: “This reflects our emphasis on establishing
long-term partnerships with clients.”
Atul Mehta, IFC’s director for Latin America and the Caribbean, said,
“This transaction fits well with IFC’s strategy to support infrastructure
development in the region, as it is one of the greatest challenges for
economic growth.” He added, “Investments in companies like Ransa will
help assure an effective logistical chain for consumer goods and will support
intraregional and international trade in Latin America. They also
have a positive impact for domestic customers by lowering overall costs.”
IFC's first financing to Ransa took place back in 1999 to help the company
expand and improve its operating efficiency. The project included
development of a modern distribution center at a new site more conveniently
located near the Callao port.
The mission of IFC (www.ifc.org)
is to promote sustainable private sector investment in transition economies,
helping to reduce poverty and improve people's lives. IFC finances private
sector investments in the emerging markets, mobilizes capital in the international
financial markets, helps clients improve social and environmental sustainability,
and provides technical assistance and advice to governments and businesses.
From its founding in 1956 through FY04, IFC has committed more than $44
billion of its own funds and arranged $23 billion in syndications for 3,143
companies in 140 developing countries. IFC’s worldwide committed portfolio
as of FY04 was $17.9 billion for its own account and $5.5 billion held
for participants in loan syndications.
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