IDB Invest Supports Guyana Port’s Development Through the Purchase of First Mobile Harbor Crane
- Guyana is the only port in the Caribbean that depends on vessel cranes, limiting its cargo handling capacity
IDB Invest has closed a loan financing deal with Muneshwers Limited for $4 million to purchase the country’s first mobile harbor crane.
The financing will significantly improve the port infrastructure in Guyana. Currently, there are no mobile harbor cranes in the country and ports depend on vessel cranes for off-loading and loading activities. This financing deal will enable the company to efficiently handle the increasing international commerce in Guyana.
In addition, the deal will increase the company’s cargo handling capacity from the current 60 thousand twenty-foot equivalent unit (TEUs) per year to 109 thousand TEUs per year in 2025. This project output will allow serving an expected annual growth of cargo traffic of around 16%.
IDB Invest’s involvement supports the adoption of environmental and social (E&S) standards in the implementation of the deal, particularly involving the operations with the purchased assets. This includes the development and execution of an Environmental and Social Action Plan to further mitigate E&S risks in the daily operations of Muneshwers Ltd. IDB Invest is also providing advisory services through the identification of potential areas of improvement around corporate governance.
This deal is expected to contribute to three United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8), Industry, Innovation, and Infrastructure (SDG 9), and Partnerships for the Goals (SDG 17).
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social and environmental development in the region. With a portfolio of $15.3 billion in asset management and 375 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About Muneshwers Limited
Muneshwers Limited is a privately owned and operated company headquartered in Georgetown, Guyana and is now in its third generation of ownership. It is one of the five multi-purpose terminals in Port Georgetown and with a significant market share in the industry. The company provides import and export services of containerized cargo to various parts of the world with direct services to Suriname, Trinidad, Colombia, and Panama. With over twenty (20) years of experience in the shipping industry, the company is positioning itself to take opportunity of Guyana’s rapid economic growth.