Washington, D.C., October 26, 2015—IFC,
a member of the World Bank Group, is providing a financing package to help
modernize and expand Mexico’s largest port, helping the country boost
its competitiveness through increased international trade and lower transportation
The $117.5 million IFC loan will help
International Container Terminal Services Inc. (ICTSI) increase the handling
capacity of Manzanillo Port by 50 percent and shorten delivery times for
Pacific Coast cargoes from the port. This will allow the terminal – which
currently handles more than 60 percent of Mexico’s Pacific container traffic
– to receive larger container ships and offer higher quality services
at a time when international trade across the Pacific is growing quickly.
“Modern and efficient port infrastructure
is essential to Mexico’s growth and development, and we are delighted
to support this upgrade of Manzanillo Port in partnership with ICTSI,”
said Gabriel Goldschmidt, IFC Head of Infrastructure for Latin America
and the Caribbean. “This investment will speed up export and import times
across the Pacific and help Mexico take advantage of increased trade flows
as a result of the Trans-Pacific Partnership, also yielding lower costs
for shippers, shipping lines and consumers.”
The $567 million port upgrade is expected
to raise government revenues with higher concession fees and tax payments,
and will employ more than 850 operational and managerial workers by 2020.
Other investors in the project include the Inter-American Development Bank,
Standard Chartered Bank and KfW IPEX-Bank.
“Deep-water port capacity is in short
supply throughout Latin America and the Caribbean, and IDB is pleased to
support ICTSI’s efforts to add modern port capacity to the Mexican Pacific
Coast,” said Jean-Marc Aboussouan, Chief of the IDB´s Infrastructure Division.
“Contecon Manzanillo has already become a critical gateway terminal,
and we look forward to supporting the further expansion and upgrade of
IFC’s investment is the latest in a
series of IFC-financed upgrades to Mexico’s port sector, following recent
investments in the Lazaro Cardenas and Tuxpan container terminals. Combined
with Manzanillo, these terminals capture the vast majority of Mexico’s
IFC’s strategy in Mexico is to invest
in infrastructure projects that help accelerate growth, improve competitiveness,
promote social inclusion and reduce poverty.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org