World Bank's IFC invests US$8 in Indian container terminal

THE International Finance Corporation (IFC), the private sector lending arm of the World Bank, plans to invest US$8 million in Visakha Container Terminal Private Limited (VCTPL) in Visakhapatnam Port in India's Andhra Pradesh.

The proposed funds will support the terminal operator's investment of $23.3 million to upgrade existing port infrastructure on the south east coast of India that aims to reduce vessel turnarounds, cut costs and facilitate the export trade. With this investment, VCTPL's handling capacity will double from 150,000 TEU to 300,000 TEU, reports India's Sify Finance.

"As VCTPL handles greater volumes, it will ease capacity constraints at the currently congested Haldia and Kolkata ports on the east coast. The bulk of VCT's future traffic originates from Chhatisgarh, Orissa and Andhra Pradesh," said an IFC release.

Visakha Container Terminal Private Limited is a 74:26 joint venture between United Liner Agencies Private Limited and Dubai Ports World.
(Source:www.schednet.com)