OeEB has provided a long-term credit line of USD 10 million as part of a cooperation with the German Investment and Development Company (DEG) for the construction and operation of a bulk terminal in the port of Lázaro Cárdenas in Mexico. The total investment was USD 50 million.
Port terminal as a driving force for the economy
Currently, there is no public port terminal on the Mexican Pacific coast specialising in the handling of bulk mineral such as coal, iron ore and steel. Since the funded terminal has the advantage of being located at a deep sea port, "cape size vessels" (i.e. ships that cannot pass through the Panama Canal due to their size) will also be able to ship bulk goods to and from the Mexican Pacific coast. Thus, the current critical development bottlenecks in transport and port facilities – mainly relating to exports and imports of raw materials – shall be eliminated.
In financing the terminal for bulk minerals, OeEB is supporting a highly important project for the import and export industry in Mexico, which also favours the reduction of currently untapped iron ore deposits in the state of Michoacán. Thus exports are made possible, the trade balance of Mexico is improved and jobs in the region are created. In addition, this funding by OeEB will enable a delivery order of an Austrian company in the port infrastructure industry.