Montevideo port gets $40m upgrade

Uruguay is set to upgrade facilities at its main port, Montevideo, to enhance efficiency and reduce maritime and river transportation costs, with support from a $US40m loan from the Inter-American Development Bank (IDB).

The loan is for a 25-year term with a four-year grace period, at an adjustable interest rate.

Local counterpart funds will total $13m.

Montevideo is the main hub for refrigerated containers in the region and its operations have a strong transnational impact, as more than half of its activity involves the transhipment of containers from neighbouring countries.

The port of Montevideo would expand its cargo handling capacity by building a new multipurpose wharf and deepening the access channel to allow access to larger vessels.

Source: http://www.cargonewsasia.com