IFC, a member of the World Bank Group, and APM Terminals Lázaro Cárdenas today signed a USD$300 million IFC financing for the construction and operation of a new technologically advanced deep-water container terminal at the port of Lázaro Cárdenas in the State of Michoacán on Mexico's Pacific Coast.
IFC's long-term financing includes US$100 million from its own account and an additional US$200 million raised through its syndication program from Bank of Tokyo-Mitsubishi UFJ, Ltd; Nordea Bank AB; and Skandinaviska Enskilda Banken AB. The total estimated total cost of the project is US$900 million.
Jean Philippe Prosper, IFC Vice President for Latin America and the Caribbean and Sub-Saharan Africa, said:
IFC financing for the APM Terminals TEC 2 project is part of our strategy to support effective private sector participation in Mexico's infrastructure, a key sector for increasing Mexico's competitiveness and productivity.
We are excited to partner with APM Terminals Lázaro Cárdenas in this landmark project which is aligned with the development priorities of the Government of Mexico.
The APM Terminals Lázaro Cárdenas Terminal 2 (TEC 2) project, with a depth of 16.5 meters and an annual throughput capacity of 1.2 million TEUs, will improve efficiency for shipping lines as well as exporters and importers, alleviating bottlenecks and improving cost efficiencies in the transportation of containers through the Port of Lazaro Cárdenas, Mexico's second-busiest and the fastest growing port. Lázaro Cárdenas handled 1.24 million TEUs in 2012, representing approximately 37% of Mexico's Pacific container traffic.