DPWorld Posorja S.A.
Category A projects could result in potentially significant environmental and/or social risks and impacts, which are diverse, irreversible, or unprecedented that may extend beyond the boundaries of the actual project site or facilities. In principle, Category A includes projects which have significant impacts on protected or sensitive areas21 and/ or vulnerable groups.
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
DP World Limited
USD $ 199,000,000
USD $ 200,000,000
Project scope and objective
DPWorld Posorja S.A (the “DPWP” “Company” or “the Borrower”) was awarded in June 2016 a 50-year concession for the development, construction, operation and maintenance of a general purpose deep-water port located at Posorja, about 85 km southwest of Guayaquil, Ecuador (the “Port”).
The project will require a total investment of over US$1.0 billion, and will be developed in two phases. The first phase, that will have a footprint of approximately 40 hectares (ha) and was conceived to achieve an annual handling capacity of 800,000 twenty-foot-equivalent units, is expected to be completed by 2019. It includes land acquisition, dredging of a new access channel and the construction of a 400-meter berth and of a 20-kilometer access road. The port will offer a 15-meter draft compared with the current 9.75-meter draft at the existing Guayaquil port.
The second phase will expand the project’s footprint to a total of 63 ha due to the construction of in ground additional facilities (out of the scope of the proposed financing). The local government is planning to construct a 2,500 ha industrial park immediately adjacent to the port. Construction of the Project’s access road began in May, 2017.
Phase 1 of the Posorja Port project requires a total investment of approximately US$503.8 million. The financial plan is expected to be composed of Equity and Senior Loans comprised by an IIC and IDB A-loans, an IIC B-Loan and Co-Loans from other Development Finance Institutions.
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