28544 - Santa Marta International Terminal Company, S.A.

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Summary of Proposed Investment

Project Number

28544

Company Name

SANTA MARTA INTERNATIONAL TERMINAL COMPANY S A

Date SPI Disclosed

Nov 5, 2009

Country

Colombia

Industry

Infrastructure

Projected Board Date

Dec 20, 2009

Status

Completed

Sector

Port and Harbor Operations

Department

Regional Industry INF LAC & EUR

Environmental Category

B - Limited

Previous Events

Approved : Mar 18, 2010
Signed : Apr 12, 2010
Invested : May 20, 2010

Project Description

The Project involves the refurbishment and operation by Santa Marta International Terminal Company, S.A. (“SMITCO”) of a container terminal inside the Port of Santa Marta, which is located on the Caribbean coast and is Colombia’s third largest port. The Project includes (i) the refurbishment of 2 berths with a combined total length of 322 meters; (ii) the installation of two Post-Panamax Ship-to-Shore cranes, four Rubber Tired Gantries Cranes, and other terminal handing equipment to complement an existing mobile harbor crane; and (iii) the demolition of existing buildings and expansion of the container yard from 4 hectares to 8 hectares. Upon completion, the terminal’s container handling capacity will increase from 120,000 twenty foot equivalent container units (“TEUs”) to 300,000 TEUs.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	16.75
Equity

Development Impact

The Project will strengthen the Colombian port sector by increasing competition in the market and encouraging other terminal operators in Colombia to improve the efficiency of their own terminal facilities, thereby supporting increased trade in the region. In addition, the Project will help reduce the cost of transportation thereby benefitting shippers, shipping lines, and consumers. Finally, the Terminal will create approximately100 direct and 500 indirect jobs and generate direct economic benefits for the Government of Colombia through tax, concession and land lease payments.

IFC will provide long-term financing at a maturity appropriate for the Project but which is unavailable in the commercial market. IFC will also mobilize additional resources by leading the financing effort through close cooperation with Corporación Andina de Fomento, which is expected to provide a parallel loan. In addition, the Project will have an important demonstration effect for private investment in fiscally-constrained Colombia; thereby encouraging foreign investments and private sector participation in other ports and infrastructure sectors such as roads and airports.

This is a Category B project according to IFC’s Environmental and Social Review Procedures. The Project will be located within the existing Port of Santa Marta in SPRSM’s existing facilities and will not modify the Port’s current footprint. The nature of container handling and storage operations and the construction activities included in the Project are such that impacts and emissions are expected to be minimal. No dredging will be required. Any environmental, health and safety issues linked to the Project can be appropriately managed using accepted good engineering practices.

Contacts

For Inquiries About the Project, Contact

Jaime Sasso Perkins Santa Marta International Terminal Company S.A. Carrera 1a, No 10 A 12 Santa Marta, Colombia Phone: (57) (5) 432 8115 Website: http://www.smitco.com.co

For Inquiries and Comments About IFC, Contact

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

Local Access of Project Documentation

Jaime Sasso Perkins Santa Marta International Terminal Company S.A. Carrera 1a, No 10 A 12 Santa Marta, Colombia Phone: (57) (5) 432 8115

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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