Bogota, Colombia, November 19, 2012—IFC,
a member of the World Bank Group, signed today an agreement with Triada,
a Colombian home builder, to support the construction of nearly 2,500 affordable
homes by 2015, contributing to job creation and the reduction of the housing
deficit in the country.
IFC’s investment includes $10 million
in mezzanine financing to increase the availability of high-quality housing
for low-income people across the largest metropolitan areas of the country.
The investment will help address Colombia’s 1.3 million housing deficit,
most of which are in the low-income segment of the population.
With its first investment in the housing
construction sector in Colombia, IFC becomes one of the few international
investors in low-income housing in the country and expects to attract other
investors to help expand the sector.
“IFC’s financing will support our
business model to help raise living standards for low- and middle-income
families in Colombia,” said Alvaro Vélez, CEO of Triada. “It shows IFC’s
trust in Triada and we expect this to be the beginning of a long-term partnership
in which we will benefit from IFC’s expertise in sustainable housing.”
Rising demand for housing in Colombia
is contributing to a healthy homebuilding sector. In five years, Triada
has capitalized on this market, becoming a successful midsize firm. The
company specializes in an integrated approach to housing development that
emphasizes pre-sales services to facilitate mortgage approvals for low-income
families, community development, and environmentally-friendly systems encouraging
more efficient water use and waste management.
“Our support to Triada is consistent
with IFC’s focus on strengthening business models that improve the quality
of life of people in developing countries,” said Oscar Chemerinski, IFC
Director for Manufacturing, Agribusiness, and Services in Latin America
and the Caribbean, and Sub-Saharan Africa. We expect that our partnership
with Triada, an important player in the affordable housing market in Colombia,
will help continue the expansion of the local home-building market in the
IFC’s investment is aligned with the
Colombian government’s National Development Plan to build one million
housing units between 2011 and 2015, and which recognizes affordable housing’s
instrumental role in economic and social development.
IFC’s approach in Colombia aims to
build the private sector’s capacity to deliver a sustainable homebuilding
program with a special emphasis on low-income housing. This is a key pillar
of the World Bank Group’s strategy in Latin America, which seeks to alleviate
poverty and inequality and foster economic development in the region.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org
Triada is a Colombian housing construction
company focused on affordable housing. With 20 years of experience, Triada
has built 10,000 housing units and is currently developing nearly 2,000
more. It has always conducted its business with a strong emphasis on financial
performance, while delivering with high quality standards. Triada operates
in Bogota, DC and the states of Cundinamarca and Valle del Cauca. For more
information, visit www.triada.com.co.