IFC, a member of the World Bank Group, has provided $80 million for the expansion of the Tecon Salvador container terminal in the Port of Salvador.
The expansion is hoping to address capacity constraints and prepare for an expected trade increase.
IFC structured and arranged the $80 million long-term financing package for Tecon Salvador, the terminal operator.
According to local media, IFC is providing $30 million from its own account and mobilising $50 million from DnB Nor Bank and Cordiant through its syndication programme.
”Expansion work started last year and is progressing according to schedule,” said Felipe Gutterres, Wilson, Sons’ chief financial officer.
”Containerised trade in Brazil is expected to continue to grow at very healthy rates and Tecon Salvador will be in a good position to take advantage of this growth.”
The expansion will double the terminal’s capacity and includes quay reinforcement, retro-area paving, dredging, and the purchase of new equipment.
Once the expansion is completed in March 2012, the terminal is expected to have two quays of 377 metres and 210 metres respectively, and a total area of 118,000 square metres (m2).
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