IDB Invest Supports the Expansion of the Port of Montevideo to Boost Uruguay's Foreign Trade

Press Release from IDB Invest

IDB Invest will provide $103 million in financing to Terminal Cuenca del Plata S.A. (TCP), including the mobilization of resources for $46 million from Banco Bilbao Vizcaya Argentaria S.A. (BBVA) for the design, construction and operation of the expansion of the Port of Montevideo. Additionally, IDB Invest financing will be complemented by a financing facility given to commercial banks by Belgium's export credit agency, Credendo, for a total amount of approximately $340 million.

The expansion project, which includes an estimated investment of more than $500 million, will more than double the port's current international cargo volume and improve the efficiency of the country's most important container port, an important pillar for the growth of the port. Uruguayan economy, enhancing the competitiveness of foreign trade, generating quality employment and positioning Uruguay as a regional logistics player.

All of this will allow the expansion of TCP through the construction of a second dock, designed to receive more vessels of greater draft than the current one available, and a container yard. In addition, TCP has committed to an ambitious environmental and social action plan, which includes improvements in the management of environmental, social, labor, and occupational health and safety risks and impacts, optimizing efficiency in the use of resources and preventing pollution.

The project demonstrates IDB Invest's commitment to supporting the development of port infrastructure to boost the logistical competitiveness of imports and exports of the countries in the region, and regional integration, given that Uruguay's neighboring countries will also benefit from the expansion and greater competitiveness of TCP.

The deal is expected to contribute to the following United Nations Sustainable Development Goals (SDGs): Gender Equality (SDG 5), Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9) Climate Action (SDG 13) and Partnerships for the Goals (SDG 17).