WASHINGTON – The U.S. International Development Finance Corporation (DFC) today announced it has committed a $150 million loan to Yilport Terminal Operations S.A. to finance the expansion and modernization of the Puerto Bolivar container port in Ecuador’s El Oro province. JPMorgan Chase Bank, N.A. is arranging the transaction.
With DFC’s support, this project will provide significant long-term benefits to the people of Ecuador as well as the country’s economy. The expansion of the port is projected to create up to 1,250 direct and indirect jobs; catalyze up to $750 million of foreign direct investment; generate more than $100 million in revenue transfers to the local municipality; improve Ecuador’s trade balance; and enhance the country’s anti-narcotics and anti-smuggling capabilities.
“This is a highly significant transaction. DFC worked closely with our partners to support the modernization and expansion of Puerto Bolivar, a high-quality infrastructure project that will connect more of Ecuador’s people and communities to the opportunities of a global marketplace,” said DFC CEO Scott Nathan. “More broadly, DFC’s investment demonstrates the commitment of the United States to support our partners through projects that help grow the economy and bolster free markets while upholding high labor and environmental standards.”
“We are very excited and very happy to collaborate with DFC on the expansion and modernization financing of Puerto Bolívar,” said Robert Yuksel Yildirim, Chairman & CEO of Yilport Holding. “We would like to thank the US Administration, DFC, and J.P. Morgan for their support and trust in Yilport. Since our takeover in 2016, we created jobs, modernized the infrastructure, and recorded great growth in Puerto Bolívar. Now with DFC’s support, we will continue to develop Puerto Bolívar into the largest, the most safe and secure, and technically the most advanced terminal on the Pacific Coast of Latin America.”
“We are proud to have assisted our client Yilport in realizing their vision for Puerto Bolivar – a landmark project for Ecuador’s infrastructure,” said Fuat Savas, Co-Head of Infrastructure Finance & Advisory at J.P. Morgan. “We are also grateful to DFC for their unwavering support during the structuring of the project's financing. We could not have hoped for a better partner in financing infrastructure in low- and middle-income economies.”
DFC’s investment is projected to expand the port’s export volumes to more than 500,000 containers per year. Additionally, the use of cold storage warehouse and facilities for handling refrigerated shipping containers is expected to reduce costs and increase revenues for exporters.
This investment advances the Partnership for Global Infrastructure and Investment (PGII), an initiative of the G7, which DFC supports by providing financing and other support for values-driven, high-standard, and transparent infrastructure projects in emerging markets.
The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.