Colombia Port to Be Upgraded

IFC, which specializes in investing in developing countries, is providing $15 million in financing to one of Colombia's port terminals, in an effort to boost the Colombian economy, employment and port capacity. IFC will operate the port for 20 years and over the next year, will redevelop the multipurpose Marítimo Muelles El Bosque Sociedad Anónima port in the Bay of Cartagena, on Colombia's Atlantic coast, said to be Cartagena's second-largest terminal and the fifth-largest port in Colombia. The money will be put towards the purchase of additional equipment, extending the container yard and increasing storage space, as well as expanding the terminal's operations, enhancing it's efficiency and reducing costs for importers and exporters.