YICT loan facility finalised
Yantian International Container Terminals (YICT) has signed a $423m 5-year term loan facility with a consortium of banks. According to the Facility, the consortium which includes Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China and China Development Bank, will provide YICT with loan facilities in HK dollars, US dollars and RMB to finance YICTs Phase project.
This is the first time in the last 30 years that two tankers have been able to load simultaneously.
With a total investment of $825m, Phase III includes four 9,000-plus TEU vessel berths along with support facilities. The first two berths commenced operations on 16 October and 26 November 2003 respectively. The remaining two berths are due for completion by the middle and end of 2004. The entire Phase III project is to be completed by end 2005.
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