DP World funds port terminal in Ecuador

DP World funds port terminal in Ecuador

Debt Loans Project & Infrastructure Finance Structured Finance China Ecuador

DP World has funded the first phase of a $1.2bn port terminal in Ecuador with financing from IDB Invest, DEG and Proparco.

IDB Invest said it put together a 15-year, $377m financing package for the terminal in Posorja, about 120km southwest of Guayaquil. The private sector division of the IDB supplied $144m of its own funds and also arranged $233m from other lenders, including $50m from the China Cofinancing Fund for the Americas. The IDB and the People's Bank of China (PBC) created the $5bn fund in 2013.

The IDB previously approved a $50m loan for the new port terminal in May.

DP World started construction in 2017 and plans to finish the first phase in 2019. The IDB said in September last year that the first phase requires an estimated $504m in investments.

The US law firm White & Case said it advised DP World on the loan.

Former President Rafael Correa granted a 50-year PPP contract to DP World for the Posorja terminal in May 2016.

 

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