Smitco asks IFC for US$15.8mn to remodel Santa Marta container terminal

Colombia's Santa Marta International Terminal Company (Smitco) is requesting a US$15.8mn loan from the International Finance Corporation (IFC), the financial entity reported on its website.

The project involves the refurbishment and operation by Smitco of a container terminal inside the Santa Marta port.

The initiative involves an estimated total investment of US$50mn to refurbish two berths with a combined total length of 322m; the installation of two post-panamax ship-to-shore cranes, four gantry cranes, and other handing equipment; and the demolition of existing buildings and expansion of the container yard from 4 to 8ha.

Upon completion, the terminal's container handling capacity will increase from 120,000 TEUs to 300,000 TEUs.

Santa Marta is Colombia's third largest port and is located 1,139 km north of capital Bogota on the Caribbean coast.

Smitco is approximately 51% owned by Sociedad Portuaria de Santa Marta (Sprsm) and approximately 49% owned by an indirect subsidiary of privately held US firm Carrix.

Sprsm operates Santa Marta port under a concession ending in 2033 and is owned by private investors, Magdalena department, the Santa Marta municipality and the transport ministry.

Publication: Business News Americas - English News
Provider: Business News Americas
November 9, 2009