Americas News
Cial Port Seeking Funding
Developers of a planned port in Buenaventrua, Colombia say they are seeking $5 to $7 million for the first stage in the creation of a port that would focus on bunker fuel, coal, and bulk goods.
The funding, which could be equity, debt, or both, would pay for initial costs, including legal, feasibility and engineering requirements to bring the project to the construction stage.
The port property was valued at $11 million in 2007, and the value may now be 30 percent higher.
If the project is able to raise the $5 to $7 million, it would then seek $184 million in debt and equity to bring the port online within 36 months.
The port would link the Pacific and Atlantic basins and provide dockage for three large container ships as well as container loading and storage facilities and a bulk fuel loading and storage dock, according to the economic development nonprofit Colombo American Information Office (CAIO).
"The scope of this Project allows for the general development of both the inhabitants of the municipality of Buenaventura as well as the surrounding regional communities," CAIO says on its website.
