Costa Rica

Costa Rica set to select bank to manage Moín port fees

Bnamericas Published: Friday, March 15, 2019
Costa Rica set to select bank to manage Moín port fees

Costa Rica's comptroller has given authorization to select a bank to become the fiduciary of a trust that will be created to manage the concession fees that Dutch port operator APM Terminals pays for operating a US$1bn container terminal at Moín port in Limón province.

The funds to be deposited into the trust will be invested in different development projects for Limón province, the Costa Rican government said in a release.

Atlantic coast port authority Japdeva, the future trustor, has already deposited nearly US$1mn into an account that was opened to collect the fees.

In addition to granting approval to select the bank, the comptroller also outlined the administrative processes that will govern the contracting process to ensure that the funds are exclusively used for investment projects aimed at boosting the region's development.

The financial institution to be chosen must have proven experience and knowledge regarding management of trust funds.

Japdeva will now be tasked with drafting the terms of the bidding process for the contract and select the winner.

Under the contract for the terminal, signed in 2011, APM Terminals pays a fee for the concession (5%) and a separate fee to contribute to the region's development, which amounts to 2.5% of the terminal's monthly gross income.

APM Terminals, a subsidiary of Danish group Maersk, was awarded a 33-year concession contract to build and operate the container terminal in 2011.

The first operations of the terminal began in November, with the project formally inaugurated at the end of last month.

According to official information, Japdeva officials are drafting a portfolio of projects that could be developed with financing from the fees. These projects could include a cruise terminal, a marina and an electric freight railroad.

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