A crane from the Austrian Alps is helping boost Mexico's imports and exports.
Together with Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), OeEB is financing a bulk goods harbour terminal on the Pacific coast of Mexico. Its crane is coming from Austria - Liebherr co. received the order. Mineral bulk goods like coal or iron ore will be shipped through the terminal at the harbour of Lázaro Cárdenas on the Pacific coast.
Cárdenas in the Mexican state of Michoacán has significant ore deposits. Up to now, though, it has not been mined much because the shipping and harbour capacity was insufficient for exporting the ore. The harbour in Lázaro Cárdenas has long been considered the gateway to the Asian market, but the lack of financing made its expansion impossible. Commercial banks were unwilling to grant long-term loans.
Increased transhipment capacity
It was possible for OeEB and DEG as development banks to offer longer-term financing for the construction of a bulk goods terminal. The development banks provided USD 30 million of the total investment volume of USD 50 million. The new terminal increases the transhipment capacity to up to 2 million tons per year.
Therefore, OeEB and DEG are assuming the role of long-term investors of loan capital in a project of great importance to Mexico's infrastructure: new jobs are created and the country can improve its trade balance and tax revenue while profiting from the transfer of technology. Furthermore, to benefit the environment and the local population, OeEB and DEG also linked the financing to the execution of an environmental and social action plan.
Further project details
Department Investment Financing