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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 costs.
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 the project.”
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 container traffic.
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
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