Spanish developer seeks support of IFC in Guatemala project

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Spanish developer seeks support of IFC in Guatemala project

Spain's Grup TCB is seeking support of the International Finance Corporation (IFC), a member of World Bank Group, for the new TCQ terminal at Puerto Quetzal, located on the Pacific coast of Guatemala.

On 17 April 2014, Grup TCB was selected to operate the new terminal

The company plans to invest US$ 250 million in the project and according to the sources, the IFC is considering providing the firm with a loan of US$45 million. Financing will be evaluated by the board of the World Bank and could be approved at the end of March. If it is approved, work will begin in April and is expected to be completed in the last quarter of 2015.

The development of the new Puerto Quetzal Container Terminal will be implemented in two phases. In phase one, Grup TCB will invest $120 million to build 300 metres of pier with a depth of 12.5 metres and yard area of 13 hectares. The second phase will involve the yard extension of up to 21 hectares and 540 metres of pier with a depth of 14 metres. The infrastructure will include four STS gantry cranes, a mobile harbour crane and twelve RTGs.

Headquartered in Barcelona, Grup TCB has been granted an extendable 25-year concession to operate TCQ. Grup TCB has already five container terminals in the American continent, two of them on the Pacific coast.

Located in the municipality of San José, in the Guatemalan department of Escuintla, the Port of Quetzal started shipping activities in 1983. According to the Economic Commission of Latin America and the Caribbean, in the first half of 2012, the Port of Quetzal moved 150,799 TEUs.

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