The Company is a privately-owned maritime passenger company founded in 1979 in Uruguay, operating between Argentina and Uruguay using the Rio de la Plata waterway to connect Buenos Aires (BsAs) in Argentina to Colonia and Montevideo in Uruguay. The Company follows major international safety regulations and has a positive track record over its history.

Buquebus is majority owned (99.9%) by its founder Mr. Juan Carlos López Mena, who continues to lead the Company as its president.

 The total Project Cost is estimated at approximately US$170 million, out of which around US$107 million will be financed through the Covered Loan. IFC’s investment will be in the form of a PCG, covering up to US$ 67 million of the Covered Loan.                                                 

 The Project will transport passengers between Buenos Aires and Colonia de Sarmiento across the Rio de la Plata riverway.

This is a Category B project according to IFC's Policy on Environment and Social Sustainability (2012) because it has potential limited adverse E&S risks and/or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures. Key E&S aspects identified during the appraisal are: (i) E&S management system; (ii) labor and working conditions, occupational health & safety (OHS), and contractor management; (iii) community health and safety and emergency preparedness and response; (iv) stakeholder engagement/grievance mechanism; and (v) cultural heritage.