28479 - TCBuen

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Summary of Proposed Investment

Project Number

28479

Company Name

SOCIEDAD PORTUARIA TERMINAL DE CONTENEDORES DE BUENAVENTURA S A

Date SPI Disclosed

Oct 1, 2009

Country

Colombia

Industry

Infrastructure

Projected Board Date

Dec 10, 2009

Status

Completed

Sector

Port and Harbor Operations

Department

Gbl Infrastructure & Natural Resources

Environmental Category

A - Significant

Previous Events

Approved : May 6, 2010
Signed : Aug 2, 2010
Invested : Aug 18, 2010

Project Description

Sociedad Portuaria Terminal de Contenedores de Buenaventura (“TCBuen”, or the “Company”) will construct and operate a new container terminal in the port of Buenaventura, the only significant Pacific coast port in Colombia. The Project will involve the development, engineering, construction, dredging, equipment purchases, and operation of the terminal. Once completed, the terminal will handles about 268,000 TEUs of container traffic each year during its first phase.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	34.0
Equity

Development Impact

The Project is expected to deliver considerable development impact by (i) reducing the costs of transportation, thereby benefitting shippers, shipping lines and consumers; (ii) increasing competition in the market and encouraging other terminal operators in Colombia to improve the efficiency of their own terminal facilities, thereby spurring increased trade in the region; (iii) yielding higher concession revenues to Colombia, which can be diverted to much needed rural development and poverty alleviation programs; (iv) creating jobs in a country still facing high levels of unemployment and income inequality. According to 2006 data 80% of inhabitants in Buenaventura live below the poverty line and 43% are considered to be in extreme poverty (almost double the national rate); and (v) diversifying the cargo mix at Buenaventura as wider variety of shippers are attracted to lower costs of transportation.

IFC’s expected role in the Project includes (i) playing a counter-cyclical and catalytical role in supporting the Project during the current global financial crisis; (ii) providing and mobilizing long term financing which may not otherwise reach completion, without IFC’s involvement; (iii) supporting an international sponsor committed to operating in Latin America despite current market conditions; (iv) ensuring transparency and compliance with IFC’s social and environmental standards; and (v) helping address Colombia’s significant infrastructure needs; and creating a strong demonstration effect for private investment in fiscally-constrained Colombia and Latin America in general.

This is a Category A project according to IFC’s Environmental & Social Review Procedure. The Project is expected to bring economic and social benefits to a poverty-stricken region of Colombia and it will be located in an already impacted area of Buenaventura which has been designated for industrial and port expansion. However, the Project could potentially involve diverse environmental and social impacts, some of them significant, related to: dredging of the access channel and turning basin and corresponding dredge spoil disposal; mangrove and vegetation removal and mangrove restoration in Afro-Colombian lands; livelihood restoration of economically displaced fishermen and land acquisition and resettlement.

Contacts

For Inquiries About the Project, Contact

General Manager
Calle 7 # 3-11, of 903
Buenaventura, valle
Phone: +57 2 2426500
www.tcbuen.com

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
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2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

Local Access of Project Documentation

Calle 7 # 3-11, of 903
Buenaventura, valle
Phone: +57 2 2426500
www.tcbuen.com

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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