Bogota, Colombia, August 16th 2019
— IFC, a member of World Bank Group, approved a $15 million loan to Reforestadora
del Sinú, a forestry company focused on rapid-growth plantations, for the
development and maintenance of a eucalyptus plantation.
The IFC loan, the first approved for this
type of project in Colombia, will help Reforestadora del Sinú generate
employment and promote development in the Urabá region, which has suffered
high social and financial costs caused by the displacement of over 20,000
people as a result of the armed conflict that ended in Colombia in 2015
with the signing of a peace agreement. Reforestadora del Sinú has established
5,500 hectares of plantations and, to protect the environment, has established
1,100 hectares of biological corridors and conservation areas.
“Development of the rural and forestry sector
in Colombia is fundamental for the future and wellbeing of the country,”
said Juan Gonzalo Flores, IFC’s acting manager in the Andean region. “This
project shows IFC’s commitment to supporting the sustainable development
of Colombia and we are very pleased with this partnership with Reforestadora
del Sinú,” said Flores.
The objective of Reforestadora del Sinú is
to become the first Colombian company to export fiber to the cellulose
and paper market in Asia and Europe. The company’s goal is to reach 10,500
hectares planted by 2021, which will be the basis for the exportation of
250,000 tons of woodchip annually. The project will contribute to the capture
of 500,000 tons de CO2 annually.
In the social sector, through its social
foundation, REFOSINU, the company is developing a number of high-impact
social projects for underserved rural communities neighboring the project,
like access to drinking water, health, micro employment and education,
benefiting over 1,000 families.
Over the last decade, IFC has invested in
sustainable forestry projects worth S1.5 billion, including production
of paper, cardboard, wood, and cellulose processing. Worldwide, IFC’s
forestry clients employee about 85,000 people.
IFC—a sister organization of the World Bank
and member of the World Bank Group—is the largest global development institution
focused on the private sector in emerging markets. We work with more than
2,000 businesses worldwide, using our capital, expertise, and influence
to create markets and opportunities in the toughest areas of the world.
In fiscal year 2018, we delivered more than US$23 billion in long-term
financing for developing countries, leveraging the power of the private
sector to end extreme poverty and boost shared prosperity. For more information,