Colombia state utility company Empresas Publicas de Medellin SA, or EPM, said Thursday it has secured a $349 million loan from the World Bank's financing arm, the IFC.
EPM's general manager, Federico Restrepo, said the loan is the first one signed by the utility company with the IFC that isn't backed by the Colombian government.
"This demonstrates the confidence the local and international financial communities have in our organization," Restrepo said in a statement.
The seven year loan will be used to finance investment plans, EPM said.
The company added that the loan signals further diversification in terms of financing sources, noting that over the past couple of years it's also used local and international bond sales as well as commercial bank loans for funding.
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