The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has signed agreements with Kappa Energy Colombia, subsidiary of oil and gas group Kappa Energy Holdings (BVI), for a debt facility of US$20mn and the option for an equity investment of up to US$10mn in the company to support its continued growth.
Kappa and IFC share a commitment to sustainable development. While Kappa is still at an early growth stage, IFC has seen substantial progress on implementing best practice environmental and social programmes, financial systems and corporate governance.
Roberto Albisetti, IFC country manager for Colombia and the Andean Region, notes, “IFC is committed to supporting companies like Kappa, with a strong track record and a commitment to implementing best practices in the environmental and social sectors. IFC looks forward to supporting Kappa’s continued growth in Colombia and the region.”
While Kappa is still at an early growth stage, IFC has seen substantial progress on implementing best practice environmental and social programmes, financial systems and corporate governance standards.
The CEO of Kappa Energy Colombia, says, ”This is the beginning of a long relationship with IFC. We look forward to continuing work on this project and to discussing more projects with IFC as we expand in the country and across the region.”
Kappa has been operating in Colombia since 1997 and holds exploration and production licences. Its main production assets are the Abanico oilfield in the upper Magdalena Valley and the Cerrito gas field in the Catatumbo Basin near the city of Cucuta.