Manila—(PHStocks)—Contecon Manzanillo, S.A. de C.V. (CMSA), a wholly owned subsidiary of Philippine-based container terminal operator International Container Terminal Services Inc. (PSE: ICT), has signed a $260 million Project Finance Facility with International Finance Corp. (IFC), Inter-American Development Bank (IADB), Standard Chartered Bank, and KfW Ipex Bank.
The CMSA Project is for the development and operation of a specialized container terminal at the Port of Manzanillo in Manzanillo, Mexico. The terminal will have a capacity of 2.2 million TEUs when completely built. The development will be done in three phases with phase one creating capacity of 750,000 TEUs. Phase two, which is expected to be completed by 2020, will increase the terminal’s capacity to 1.4 million TEUs.
The financing package, which has a tenor of 12 years and a long availability period of four years, will help CMSA finance the completion of phases one and two of the Project.