|
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.
|
