IFC Invests In Colombia Paper Producer

The International Finance Corporation (IFC) has bought a 12.62% stake in Colombia’s largest producer of paper made from sugar cane fiber, Productora de Papeles (Propal). The IFC bought the stake held by the Colombian government for $18.9 million. Propal is controlled by local conglomerate Carvajal. The IFC, as at June last year, had invested $387 million in Colombia, in sectors ranging from finance to oil.