TCBuen is primary owned by Grup Maritim Terminal de Contenidors de Barcelona (“GMTCB”) and Grupo Empresarial de Pacifico S.A. (“GEPSA”). GMTCB is Spain’s leading terminal operator company, operating 11 terminals around the world. GEPSA is a Colombian developer based in Buenaventura; the group is dedicated to the design, development, and execution of projects in different economic sectors along Colombia’s Pacific Coast.

The Project is estimated to cost US$157.9 million including civil works, dredging, equipment and other investments. The proposed IFC investment consists of an up to US$25 million A Loan for IFC’s own account and an up to US$65 million B Loan from syndicate banks.

25.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	25.0
Equity

* These investment figures are indicative

Project is located in Buenaventura, Colombia, at the Aguacate Marsh before the Cascajal Island and directly connected to the main national road connecting Buenaventura to main cities in the country. The maritime terminal is about 3km north-west from downtown Buenaventura.

The Project will increase Colombia''s competitiveness, and indirectly drive trade growth, by expanding much needed, modern efficient container handling capacity to better serve the country''s exports and imports. The Project will also continue to help reduce the cost of transportation by relieving congestion, improving productivity, and therefore benefitting shippers, shipping lines, and consumers alike. The entrance of TCBuen has led to increased volumes in the port of Buenaventura, as well as improved levels of service for clients from competing terminals. TCBuen project will continue to strengthen Colombia''s port sector by maintaining competition in the market and encourage other terminal operators to continue to improve the efficiency of their own terminal facilities. In addition, the Project will continue creating substantive employment in an area generally devoid of foreign investment and one the poorest in Colombia. This is all expected to result in more fiscal revenues to Colombia.

IFC is playing a central role in the Project as detailed below:
1. Timely Execution to Meet Project Schedule: IFC''s existing investment in and knowledge about the Company would allow for an expedite execution as the Company intends to mobilize the dredging company already working in the area in the first quarter of 2013. The financing structure and security package already in place would make a follow up investment with IFC a logical choice to save time and legal costs for inter-creditor arrangements.
2. Mobilization Role: IFC''s involvement in the Project provides commercial banks with a degree of comfort and security, which will increase their support in the Project. Through IFC''s syndication program, TCBuen has accessed an international financing pool. The Company wishes to maintain and expand its access to international banking institutions, given the benefits it has already received under the IFC''s B Loan program. With potential need for refinancing, the Company relies on IFC to mobilize significant amount of B loan given IFC''s extensive relationship in the syndication market.
3. Compliance with Social and Environmental Standards: IFC''s involvement will ensure transparency and compliance with IFC''s social and environmental standards.
4. Supporting International Sponsor: Through this investment IFC will continue to support a strategic international sponsor, GMTCB. The Sponsor appreciates IFC''s support during difficult market conditions as well as IFC''s management of multiple lenders to accommodate the Company''s growth, and
determines that IFC''s involvement is crucial for the successful implementation of the Project.

The Project has been categorized as B according to IFC’s Environmental & Social Review Procedure as the proposed expansion of the existing Terminal’s footprint has limited E&S impacts on environmental and social receptors beyond those associated with the existing investment. No physical resettlement will take place or impacts on Indigenous Peoples are expected. The Project could potentially involve environmental and social impacts related to: incremental impacts on neighboring communities due to construction noise, traffic and vibration from the combined operations of Phase I and II; removal of approximately 0.8 hectares of mangroves to allow for Project activities; short term impacts on water quality related to dredging operations and dredge spoil disposal and; potential additional economic temporary displacement of a number of artisanal fishermen.

Upon implementation of the necessary mitigation measures described in the Environmental & Social Review Summary (ESRS) and Environmental & Social Action Plan (ESAP), the Project will comply with IFC’s Performance Standards on Social and Environmental Sustainability and Access to Information Policy and applicable World Bank/IFC environment, health and safety (EHS) guidelines.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.