They will also see Cartagena's bustling port, situated on the offshore island of Manga. On a typical day the port is crowded with ships from around the world¯a testament to Cartagena's growing role as a transshipment point.

The Port of Cartagena, like Colombia's three other main seaports, is being revitalized by an innovative initiative of the Colombian government. In order to end the state's monopoly in port management and open the sector to competition, the government in 1991 offered private companies 20-year concessions to upgrade, administer and operate ports. Proceeds from the concessions were used to create a pension fund for public-sector port workers.

Since winning a concession in 1993, the Cartagena Regional Port Authority (SPRC from its name in Spanish) has embarked on an ambitious expansion program designed to transform Cartagena from a general cargo port to a high-volume container terminal. The SPRC already operates two container-handling cranes, and now it plans to buy more cranes and other equipment capable of handling up to 200,000 containers per year. It will also extend its piers and deepen the port in order to accommodate ships that can carry between 1,500 and 3,000 containers each.

The expansion will cost $31 million--a daunting sum for a company with only 200 employees and 1996 revenues of around $25 million. But SPRC's track record over the last four years was impressive enough to attract the attention of the IDB Group's Inter-American Investment Corporation (IIC), which recently loaned the company $8 million.

"It's a strong company with excellent management, a solid business plan and a good environmental, safety and security record," said Jorge Roldán, the IIC's chief economist. "These investments will result in shorter delivery times and lower transportation costs for Colombian companies, and we're excited to be part of it."