IIC Approves Loan Of Up To US$4 Million For Operating The Only Container Terminal In The Port Of Bahía Blanca, Buenos Aires Province, Argentina
10/29/2007Financing from the IIC will help develop a facility that will complement the port of Buenos Aires
Washington, DC – On October 30, 2007, the Inter-American Investment Corporation (IIC) approved a loan of up to US$4 million to Terminal de Servicios Portuarios Patagonia Norte S.A. (Terminal Patagonia) to finance the investments needed to start operating the recently awarded container terminal concession at the port of Bahía Blanca. Terminal Patagonia also holds the concession for operating the entire port of San Antonio Este (Puerto SAE) in Río Negro province, Argentina's main fruit exporting area.
According to Javier Barsantini, IIC Investment Officer in charge of the operation, "The port of Buenos Aires is operating at maximum capacity because the strong growth of Argentina’s economy over the past few years has increased the volume of container traffic. This operation will further the development of container terminals that will complement—not compete with—the facilities at the port of Buenos Aires. This will alleviate congestion at Buenos Aires, which is Argentina's largest port."
Terminal Patagonia's client portfolio comprises the nation’s major fruit growers and exporters. The growth of containerized fruit exports has outpaced Puerto SAE's ability to handle them. Exporting through Buenos Aires is costlier because it is farther away. This operation will lead to the creation of more than sixty direct jobs and help establish strategic links between economic development poles in Argentina.
The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC's activities, please visit www.iic.int.
Contact: John Beckham/Javier Barsantini (in Chile)
Telephone: (202) 623-3984