IFC eyes providing $175mln loan to Suez Canal Container Terminal
The International Financial Corporation (IFC) is considering providing a loan of up to $175 million to back the Suez Canal Container Terminal’s (SCCT) expansion of its existing container terminal at East Port Said port, IFC stated.
The IFC’s board is expected to decide upon the loan on October 30th.
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Moreover, the lender will also provide Risk Management Products in the form of interest rate swaps with a loan equivalent exposure of roughly $2 million.
It is worth mentioning that the project’s cost is estimated at around $489 million, with construction expected to start by the end of 2023 and initial operations anticipated to begin by the second half of 2024.
Source: Zawya
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