The International Finance Corporation (IFC) – the private enterprise arm of the World Bank -will grant leading Colombian dairy producer Alquería US$20m in financing.

The funding will help it expand into Columbia’s low-income and remote consumer markets.

The IFC is making available $15m as a senior loan and $5m in equity to modernise the dairy producer’s facilities, improve efficiency and develop new affordable, nutritious children’s dairy products.

To make dairy products accessible for remote populations, the company plans to expand its distribution of UHT milk, which does not require refrigeration, to those areas.

“We are confident that our combined strengths will be the driving force for a positive development of our company and Colombia’s dairy industry,” said Alquería CEO Carlos Enrique Cavelier in a statement.