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IDB approves $59 million for new port facility in Chile

The Inter-American Development Bank today announced the approval of $59 million in financing to support the construction and operation of a new port facility in the Bay of Mejillones, Chile.

The resources will finance investments by Compañia Portuaria Mejillones S.A. in the construction of a multipurpose terminal that will include at least three ship berths capable of moving copper cathodes and general and container cargo at a high level of performance.

The new terminal will ease congestion at the port of Antofagasta, 50 kilometers to the south, and will reduce land transportation costs and ship waiting time.

The project is part of a port complex master plan to be developed according to a build-operate-transfer agreement signed between Complejo Portuario Mejillones S.A., a wholly owned subsidiary of Codelco, the world’s largest copper company, and Compañia Portuaria Mejillones S.A. the borrower.

The project company is being sponsored by two Chilean firms, Inversiones Cosmos Limitada and Inversiones y Contrucciones Belfi Limitada.

The IDB financing consists of a loan from the Bank’s ordinary capital of up to $25 million and a syndicated loan of approximately $34 million from funds from financial institutions with subscription of participation agreements with the IDB.

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