International Finance Corporation (IFC) and the IFC African, Latin American, and Caribbean Fund (IFC ALAC Fund), a private equity fund managed by IFC Asset Management Company, has agreed to invest US$27 million in Colombian oil and gas exploration company PetroNova. Under the terms of the transaction, IFC will contribute US$15 million and the IFC ALAC Fund will contribute US$12 million. The capital will be used by PetroNova to fund its drilling program in the Llanos and the Caguan-Putumayo basins.