NORTH AMERICA

San Vicente gets IFC loan

22 years ago

The International Finance Corporation (IFC), the private sector arm of the World Bank, will provide a $15m loan to San Vicente Terminal Internacional (SVTI) which operates Chiles SanVicente port, specialising in forest products and containers. In 2003, the port handled 3.4m tons of cargo (60% of which was forest products) including 104,147TEUs.

SVTI was awarded a 15-year concession in 1999 to rehabilitate, expand and operate the port. SVTI is a 50/50 joint venture between Carrix, Inc. and Sudamericana Agencias Aereas y Maritimas S.A.

(SAAM). Carrix is a container terminal operator based in Seattle whilst SAAM, a subsidiary of the Compania Sud Americana de Vapores.

Victor Pino, SVTI’s chairman, said: “With this loan, the long term financing needs of SVTI are well covered.” The proposed expansion of San Vicente is expected to transform the port into the largest and most efficient in the region.