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Maritime Newsletter

Japan Finances South African Port Project - 2009-03-31


The Japan Bank for International Cooperation signed an untied loan agreement totaling up to $357 million to finance South Africa's project to expand the Port of Durban. The loan agreement was signed on March 26 between JBIC and Transnet, South Africa's wholly state-owned freight rail, ports and pipeline company. Three major Japanese commercial banks co-financed the loan: the Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp. JBIC provided guarantees for the three commercial banks' portion of the loan. The loan will finance the Entrance Channel Widening and Deepening Project at the Port of Durban, which Transnet is undertaking with the aim of enabling larger vessels to enter the port.

Source: shippingdigest.com