News from 2015-10-27 / KfW IPEX-Bank
KfW IPEX-Bank finances European Deliveries to Modernisation of Mexico’s Largest Port
- Supporting European Exports
- Contributing to Worldwide Infrastructure
KfW IPEX-Bank together with three other banks is providing a financing package to modernise and expand the port of Manzanillo, Mexico’s largest, helping the country boost its competitiveness through increased international trade and lower transportation costs.
The altogether USD 567 million port upgrade is expected to speed up export and import times across the Pacific and also yield lower costs for shippers, shipping lines and consumers. Also it will employ more than 850 operational and managerial workers by 2020.
KfW IPEX-Bank is providing a USD 52.5 million loan partly to help finance the acquisition of container cranes delivered by the Finnish supplier Cargotec.
Other banks in the project are International Finance Corporation (World Bank Group), Inter-American Development Bank and Standard Chartered Bank.
Modern and efficient port infrastructure is essential to growth and development. The financing 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.
Financing of European exports for worldwide infrastructure belong to KfW IPEX-Bank’s core business.