The Uruguayan government plans to create a multilateral entity to speed up deep-water port construction in La Paloma.
A government official told reporters that neighbouring countries in Brazil and Paraguay have been contacted to join the multilateral entity, which will require a $1 billion investment.
According to media reports, Uruguay will be determining cargo demand before creating a regional entity to construct the port with support from the state, as well as from the private sector.
The regional authority would facilitate the approval of financing from entities such as South American Infrastructure Integration Initiative IIRSA and the Mercosur Structural Convergence Fund (Focem), according to the government official.
The La Paloma deepwater port project was initially submitted by Spanish firm Benel in 2007, and is currently under evaluation by the Uruguayan government.
A government official told reporters that neighbouring countries in Brazil and Paraguay have been contacted to join the multilateral entity, which will require a $1 billion investment.
According to media reports, Uruguay will be determining cargo demand before creating a regional entity to construct the port with support from the state, as well as from the private sector.
The regional authority would facilitate the approval of financing from entities such as South American Infrastructure Integration Initiative IIRSA and the Mercosur Structural Convergence Fund (Focem), according to the government official.
The La Paloma deepwater port project was initially submitted by Spanish firm Benel in 2007, and is currently under evaluation by the Uruguayan government.