Yilport seeking US$350mn for Ecuador PPP port expansion
Turkey's Yilport Holding is reportedly seeking US$350mn to complete the first stage of the modernization of Ecuador's Bolívar port, a PPP project that entails investment of US$750mn in five phases.
Sources close to the firm told IIICorp that up to US$100mn of the amount would come from IDB, while the rest would come from other international banks and multilateral organizations, as well as capital contributions from Yilport.
A source at the development bank told the same outlet that Yilport made a formal financing request last month and that IDB's board is poised to make a decision in December.
According to Yilport's website, its subsidiary Yilportecu started work on stage 1 in March, which involves dredging the access channel. The works are expected to be finished by next May. Other works in stage 1 include a new 450m quay.
Once all five stages are completed, Bolívar port is expected to have capacity for 2.5mn TEUs a year. Yilport's concession to operate the port is for 50 years.
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