Through this Early Disclosure, IFC provides access, early in the environmental and social assessment process, to this draft Environmental and Social Impact Assessment (ESIA). This ESIA has been prepared by the client and should not be taken as an indication that IFC has completed its review of the potential investment. The purpose of this Early Disclosure is to enhance the transparency of IFC’s activities with reference to those projects or investments with potential significant adverse environmental and social risks and/or impacts. Any project documentation or data included or attached herein has been prepared and authorized for public release by the client.
The disclosure of this ESIA should not be construed as presuming the outcome of IFC’s review of the potential investment or the decision of its Board of Directors. An updated version of the ESIA reviewed by IFC may be disclosed at a later stage. In addition, prior to any consideration of the investment by IFC’s Board of Directors, the Summary of Investment Information (SII) and the Environmental and Social Review Summary (ESRS) would be disclosed at least 60 days in advance.
Early disclosure date
November 15, 2013
Projected board date
February 28, 2014
E-BB - Ports and Harbors Operation
Provisional Environmental Category
A - Significant
CN2S7 - Reg Ind, Infra & Nat Res, CAF/CLA Infra-Pow Trans Util - CLA
Latin America and the Caribbean
The proposed project involves the development, financing and operation of a 650,000 TEU capacity container terminal within the port of Manzanillo, Colima on the central west coast of Mexico (“the Project”). Contecon Manzanillo S.A. de C.V. (“CMSA”), a wholly owned subsidiary of International Container Terminal Services, Inc. (“ICTSI”), will develop and operate the Project.
The Project is expected to cost about US$378 million and will be funded with approximately US$113 million of equity and approximately US$265 million of debt. IFC has been invited to provide an A loan of up to US$75 million and has also been asked to help mobilize B loans commercial banks. Also, Inter-American Development Bank (“IDB”) is considering an investment of US$75 million. The new financing will refinance short term shareholder loans used for constructing the project which is nearly completed and has been commenced operations from August 2013.