Colombia’s Discount Food Retailer Ara Tiendas secures US$93m from IFC to expand operations

COLOMBIA — Ara Tiendas, a Colombian based proximity food discounter has secured a US$93 million (about COP330 billion) from the International Finance Corporation (IFC) to help it increase the foot print of its discount grocery stores in the country. Ara Tiendas expansion drive efforts come at a time when its major customers who are mainly low and middle-income earners are demanding increased access to affordable and quality food. The loan from IFC will thus enable Arla Tiendas adequately cater for the growing number of customers without compromising on quality while…

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