Yilport Taps IDB for Ecuador's Puerto Bolívar Port


Yilport Terminal Operations has approached the Inter-American Development Bank (IDB) to help finance the first stage of an investment plan for the Ecuadorian Puerto Bolívar Port Terminal in the province of El Oro.

The concessionaire has requested financing of up to $250 million to fund the modernization, operation and maintenance of the port. Total cost of the project is expected to reach up to $350 million.

Financing would be divided into:

* up to $100 million A loan from IDB

* loans from commercial banks and/or multilateral organizations

* capital contributions by the project sponsor and 100% shareholder Yilport Holding

The debt-capital ratio is expected to be of at least 30:70, according a filing from the sponsor at IDB.

The first phase of the project to be financed aims at expanding the port's capacity to operate containers from 120,000 TEUs to up to 600,000 TEUs per year.

Works over the next three years will also modernize Puerto Bolívar Port Terminal's infrastructure and technology.

The investment plan will include:

* dredging works to deepen the draft to 16.5 meters

* a new 450-meter long quay

* acquisition of new cargo handling equipment

Ecuador is the largest banana exporter in the world and Puerto Bolívar could capture large volumes of the annual export of bananas due to a strategic location of the farms very close to the port.

The port's modernization is part of the privatization process of the existing Puerto Bolívar. Yilport Terminal Operations Ecuador was awarded a 50-year concession in 2016 to operate existing port assets and make new investments.

At the end of the concession period, all assets should be transferred to the Port Authority.



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