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IFC may sanction loan for Visakhapatnam Port Trust expansion project

Friday, 19 Apr 2019
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The International Finance Corporation (IFC), the private arm of the World Bank, along with a consortium of banks, is considering to sanction loan to finance the expansion of the container terminal operated by the Visakhapatnam Port Trust (VPT) through the Visakha Container Terminal (VCTPL)

The talks are in the advance stage, with IFC involving the ICICI to proceed further and explore the sanction of the loan sought by the VCTPL.

The terminal had become operational in 2003 after a joint venture was formed by the United Liner Agency and the Dubai Ports International. A concession agreement was inked for a period of 30 years with the VPT on 17 December 2015.

Work on the project was originally conceived at Rs 633 crore and is estimated to have escalated to more than Rs 800 crore, due to delay.

The IFC-led consortium is likely to provide fund to complete the expansion project within the revised deadline.

The company is expecting to completed the project by 2021 to raise the present capacity of 0.7 million tonne by another 0.54 million tonne.

 

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