Project Description
The proposed project involves the development, financing and operation of a 650,000 TEU capacity container terminal within the port of Manzanillo, Colima on the central west coast of Mexico (“the Project”). Contecon Manzanillo S.A. de C.V. (“CMSA”), a wholly owned subsidiary of International Container Terminal Services, Inc. (“ICTSI”), will develop and operate the Project.
The Project is expected to cost about US$378 million and will be funded with approximately US$113 million of equity and approximately US$265 million of debt. IFC has been invited to provide an A loan of up to US$75 million and has also been asked to help mobilize B loans commercial banks. Also, Inter-American Development Bank (“IDB”) is considering an investment of US$75 million. The new financing will refinance short term shareholder loans used for constructing the project which is nearly completed and has been commenced operations from August 2013..