The Mexican government has announced a project worth $3.15 billion for the expansion of the port of Manzanillo.
This expansion project, which has been dubbed the “Nuevo Manzanillo” project, is aimed at increasing the acreage of the port by around 303% and adding four new container terminals to the port by 2030.
This will increase the container capacity of the port from 3.7 million TEUs per year to 10 million TEUs per year.
The Port of Manzanillo is currently ranked 53rd in the world; this project is expected to elevate its rank to 15th in the list. The funding for the project will be shared by both public and private entities, with public investment amounting to $741 million and private investment accounting for the remaining $2.4 billion.
The initial phases of this project will focus on the construction of two new container terminals and one new hydrocarbon terminal.
In addition to this, a new customs site and a rail connection will be constructed at the port. In the second phase of the project, two more container terminals will be built at the port.