IDB Invest supports Port of Montevideo expansion

IDB Invest is set to provide $103 million in financing to Terminal Cuenca del Plata S.A. (TCP), including the mobilization of resources for $46 million from Banco Bilbao Vizcaya Argentaria S.A. (BBVA) for the design, construction and operation of the expansion of the Port of Montevideo.

Additionally, IDB Invest 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 $340 million.

The expansion project, which includes an estimated investment of more than $500 million, will more than double the port’s current international cargo volume and improve the efficiency of the country’s most important container port, an important pillar for the growth of the port, IDB said.

All of this will allow the expansion of TCP through the construction of a second dock, designed to receive more vessels of greater draft than the current one available, and a container yard.