Private sector investment bank IDB Invest will provide US$103 million in financing to Terminal Cuenca del Plata (TCP), including the mobilisation of resources for US$46 million from Banco Bilbao Vizcaya Argentaria (BBVA) for the design, construction, and operation of the expansion of the Port of Montevideo in Uruguay, according to Baird Maritime.
The financing will be complemented by a financing facility given to commercial banks by Belgium’s export credit agency, Credendo, for a total amount of approximately US$340 million.
The expansion project, which includes an estimated investment of more than US$500 million, will more than double the port’s current international cargo volume and improve the efficiency of the container port.
All of this will allow the expansion of TCP through the construction of a second dock, designed to receive more vessels of greater draught than the current one available, and a container yard.