The Ecuadorian president Rafael Correa has confirmed that a memorandum of understanding has been signed with the Turkish terminal operating group Yildrim to implement a new terminal at Puerto Bolívar. The MoU covers the final design, financing, equipment acquisition, operation and maintenance. This will translate into an initial investment of $750m.
"What we have signed is a memorandum of understanding. In the coming months, we will complete the business transaction and sign a 50-year concession agreement,” said Transport & Public Works minister Walter Solís.
A final contract, involving Yilport, should be signed in either March or April, with an initial investment of $230m.
The government wants to see both infrastructure and capacity upgrades undertaken in the port, which is located in the city of Machala, in El Oro province. This region is known for its banana plantations, with bananas being one of Ecuador's main exports.
