Washington, D.C., and Cali, Colombia, July 8, 2008
—IFC, a member of the World Bank Group, today announced an investment in Tecnoquímicas, a Colombia-based manufacturing and distribution firm, that will support the expansion of the company’s operations in the Andean region and Central America. The investment will also help the company increase the supply of affordable and high-quality medicines in these regions.
The $25 million equity investment will give IFC a 10 percent stake in Tecnoquímicas. IFC will also help enhance the firm’s corporate governance, international manufacturing practices, and quality assurance.
“We consider IFC’s investment as a signal of support and recognition of our responsible and sound management practices. It will help accelerate our regional expansion, while strengthening our corporate governance,” said Emilio Sardi, Executive Vice President of Tecnoquimicas.
“With this investment, IFC is supporting a market leader in Colombia to implement sustainable regional expansion and strengthen its competitiveness in local and regional markets. A stronger pharmaceutical sector will help increase access to higher-quality health services in the country,” said Roberto Albisetti, IFC Manager for the Andean Region.
Tecnoquímicas started operations in 1934. The company and its subsidiaries have nine manufacturing plants in Colombia, with a focus on pharmaceutical products, baby and personal care products, veterinary health products, consumer goods packaging, and adhesives. While the company sells most of its products in Colombia, it also exports to other Latin American countries.
IFC’s strategy in Colombia is to support sectors that are essential to the country’s development. This includes financing infrastructure projects that involve public-private partnerships, such as ports, roads, and airports, to help improve the country’s competitiveness. IFC helps leading Colombian groups modernize and expand their businesses internationally. Improving access to finance for micro, small, and medium enterprises is also at the core of IFC’s strategy in the country, as well as helping improve the investment climate by simplifying regulations. As of March 2008, IFC’s total committed portfolio in the country was $828 million.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC's vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
.
