The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank (IDB) Group, has disclosed that its Board is scheduled to consider proposed financing for the Puerto Bolívar project on 12 November 2018.

The project involves the modernization, operation and maintenance of the Puerto Bolívar Port Terminal, located in the province of El Oro, Ecuador. Yılport Terminal Operations SA – Ecuador has been granted a concession for 50 years to operate the existing port assets and undertake the modernization project.

The total estimated cost of the project is up to US$350 million. The financing proposal includes an A loan from the IDB Group of up to US$100 million, alongside the participation of other commercial banks and / or multilateral organizations and capital contributions by the project sponsor and 100% shareholder: Yilport Holding A.S., with a debt-capital ratio of not less than 30/70.

This financing will cover the planned three-year modernization project, which is aimed at increasing the port capacity to up to 600.000 TEU per year. Planned works include dredging, which will deepen the draft to -16.50 meters, construction of a new 450-meter long quay and the acquisition of new cargo handling equipment.