IFC Provides $120M Loan to Tiendas Ara for Expansion of Green Distribution Centers in Colombia

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The International Finance Corporation (IFC), a member of the World Bank Group, has announced a sustainability-linked loan of up to US$120 million to Tiendas Ara, a leading discount retailer in Colombia, to support the construction of two EDGE-Advanced certified distribution centres in the Bogota and Cali regions. This funding will enable the company to expand its logistics network and increase access to affordable and high-quality retail services, particularly in medium and small cities across Colombia.

The loan will allow Tiendas Ara, which is owned by the Portuguese group Jeronimo Martins, to build and operate these new state-of-the-art distribution centers. These facilities will significantly enhance the company's logistics capabilities, inventory management, and operational efficiency, ultimately supporting the expansion of Tiendas Ara's retail footprint. The company's expansion is expected to improve access to affordable products for middle and low-income families in regions where such services are limited.

With 1,349 stores in 374 municipalities across 24 of Colombia's 32 departments, Tiendas Ara has solidified its position as a key player in the Colombian retail market, particularly in the discount sector. The company's mission focuses on providing an affordable, convenient, and quality-driven shopping experience to Colombian consumers, especially targeting low- and middle-income families.

Elizabeth Martínez de Marcano, IFC’s Regional Director for Colombia, Mexico, Central America, and the Caribbean, highlighted that the investment aligns with the IFC’s strategic objectives of promoting inclusion, innovation, and sustainability. She stated, “We are pleased to support Tiendas Ara in their expansion efforts, which will help increase access to affordable retail services and contribute to Colombia's economic development.”

Nuno Sereno, General Director of Jeronimo Martins Colombia, expressed gratitude for the partnership with the IFC, emphasizing the company’s long-term commitment to improving access to quality food at affordable prices. He said, “This loan reaffirms our mission to democratize access to food and products in Colombia. It underscores our dedication to social and environmental best practices as we strengthen our logistics network through the development of two new distribution centers in Cota and Cali.”

This expansion is particularly significant in light of Colombia's economic challenges, where poverty and inequality persist, and inflation has disproportionately affected vulnerable populations. With the discount retail sector becoming increasingly important as consumers seek value-driven shopping options, Tiendas Ara is well-positioned to meet these needs.

In addition to expanding retail access, the new distribution centers will be constructed according to EDGE-Advanced certification standards, ensuring that the facilities are energy-efficient and environmentally sustainable. The project is expected to reduce energy consumption by 40% and water usage by 20%, aligning with Colombia’s climate change goals and contributing to sustainable development.

Through this strategic investment, IFC aims to drive economic growth, job creation, and improved access to essential goods while fostering sustainable retail practices in Colombia. By strengthening the retail sector, particularly for low and middle-income consumers, the loan will enhance productivity, accessibility, and sustainability in Colombia’s retail market.

This initiative is a major step towards building a more inclusive and sustainable retail sector in Colombia, benefiting both consumers and businesses alike.

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Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=6735bfffebd34ad09812702a0af77e42&url=https%3A%2F%2Fwww.devdiscourse.com%2Farticle%2Flaw-order%2F3155640-ifc-provides-120m-loan-to-tiendas-ara-for-expansion-of-green-distribution-centers-in-colombia&c=8819917535388195678&mkt=en-us Author : Publish date : 2024-11-12 22:42:00 Copyright for syndicated content belongs to the linked Source .

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IFC Provides $120M Loan to Tiendas Ara for Expansion of Green Distribution Centers in Colombia

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