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The International Finance Corporation (IFC) is considering re-financing Contecon Manzanillo, SA de CV (CMSA), the firm that owns the specialized container terminal concession at the Port of Manzanillo in Colima, Mexico.
CMSA was incorporated in Mexico to execute the project. CMSA is fully owned by International Container Terminal Services, Inc. (ICTSI), a Philippines-based developer and operator of container terminals worldwide.
In January 2010, ICTSI signed a 34-year concession for the development and operation of the project. The terminal is expected to alleviate congestion and provide additional container cargo handling capacity at the Port of Manzanillo.
The refinancing is seeking approximately US$555 million. IFC is considering an A loan of up to US$65 million for its own account. IFC will also mobilize B loans of approximately US$105 million needed to complete the financing plan.
The project is located on the Pacific Coast of Mexico in Colima state, about 800 kilometers from Mexico City and 300 kilometers from Guadalajara. The port development project covers about 77 hectares with 1,080 meters of seafront. The development of the container terminal will be done in three phases. First phase involves 42 hectares with 720 meters of quay length. CMSA began commercial operation in August 2013.