$ 135 Million Expansion in Honduras’s Puerto Cortes

The IDB loan will finance the dredging of the harbor and port locations as well as the construction of a new container terminal.

Thursday, December 2, 2010

Honduras will expand and modernize the largest port in Central America with funding provided by the Inter-American Development Bank (IDB) for a total of $ 135 million.

Puerto Cortes is the main Honduran port, moving 90 percent of maritime cargo. Located on the northeast coast on the Caribbean, it is the largest and deepest port in Central America, which handles a large share of exports in containers for the region. It is the main entry point for imported grains and fertilizers into the Honduran economy, among other essential goods.

The project will support the construction of a new container terminal on reclaimed land, the acquisition of specialized equipment and the construction of port storage yards as well as improving port operations preventing interference with urban traffic.

This is the second project approved this week by the IDB for Puerto Cortés. Previously, the Bank loaned $ 10 million to improve customs.

The new financing consists of a fixed rate loan of $ 94 million to 30 years with a grace period of six years, plus a second loan of U.S. $ 40.5 million with a maturity period of 40 years and an annual interest rate of 0.25 percent. These resources will finance about 60 percent of total project cost.

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More on this topic

Ports of Honduras: $135 million Inaccesible

August 2014

Although the financial resources needed to modernize the port of Cortés are available through an IDB loan which has already been approved, lack of implementation is preventing work from starting.

The year 2014 had been set as the date when work would start on the modernization of the four main ports but the National Port Company (ENP by its initials in Spanish) has not been able to start and works are still paralyzed, despite having borrowed $135 million from the Inter-American Development Bank (IDB).

$225 Million Expansion at Port Cortés

April 2011

The Honduran Port Authority (ENP in Spanish) has announced it is to invest $225 million in improving the port's facilities.

ENP head, Maynor Pinto, explained that the Cortés Port initiative will be financed by funds from the Central American Bank for Economic Integration (CABEI) and the World Bank, commenting that in around three months the first $40 million are expected.

Honduras Plans to Expand Port of Cortés

August 2010

The port authority is working on a $225 million shipping terminal expansion project.

The head of Honduras' national ports authority (ENP in Spanish), Mynor Pinto, indicated that the project comprises the fitting out of a grain terminal and another for cruise ships.

The funds invested will be overseen by the Inter-American Development Bank (IDB) and the Central American Bank for Economic Integration (CABEI).

Expansion at Puerto Cortes in Honduras

January 2009

Prior to the approval of the loan for the Expansion and Modernization Plan, a IDB mission will evaluate the National Port Company starting tomorrow.

According to latribuan.hn, "the higher port authority will offer the visitors a general overview of the port, and aspects relating to government expectations for the port, information related to auditing, administration control and the budget preparation process.

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