As stated on the project disclosure page, on January 14, 2022 MIGA has issued a guarantee in connection with a Non-Honoring of Sovereign Financial Obligations by a State-Owned Enterprise. This guarantee pertains to a US dollar debt financing structure of up to US$ 128 million with a tenor of up to 17 years.
The MIGA-guaranteed loan is currently being utilized by Financiera de Desarrollo Nacional S.A. to provide senior debt financing to Sociedad Portuaria Puerto Bahia Colombia de Uraba S.A. (Project Enterprise, "PE") for the construction, development, and operation of Puerto de Antioquia. This project involves the establishment of a greenfield multipurpose private concession port facility located in the Gulf of Uraba, with a total investment of approximately US$ 650 million.
Upon completion, the Project is expected to derive in (i) time and cost savings for exporters/importers in the region, with proper infrastructure the Port will become the closest access to the Atlantic Ocean to an area extending from Bogota to the "Eje Cafetero", representing 64% to70% of the national GDP; (ii) increase economic dynamism, particularly through expanding agricultural production as well as incentivizing complimentary port services such as storage, warehouses, transportation companies; (iii) create employment opportunities direct and indirectly during the construction (1,200) and operation phase (750); and (iv) support government tax revenue.
Project components include, (i) an offshore platform with 1,337 meters (m) of berth (570 m for container operations, 537 m for bulk and general cargo, 230 m for RORO) capable of handling super post-Panamax vessels; (ii) a 3.8 kilometer (km) viaduct, onshore bridge over the León River and access road that connects the offshore deck with the inland terminal; (iii) a 38 ha inland terminal/logistic facility, including a container yard, dry-bulk storage facilities, warehouses, inspection areas, maintenance and administration buildings and utilities; and (iv) a new 2.4 kilometers (km) two-lane access road between onshore facility and the town of Nueva Colonia. The Project’s initial handling capacity is of 600,000 Twenty-foot Equivalent Units (TEU) (expandable to 800,000 TEU), 1.15 million tons of general cargo/year, 3 million tons of bulk cargo, and 60,000 vehicles. Ancillary facilities include worker accommodation camp; water treatment plant and sewage treatment plant located within the inland terminal/logistic facility footprint. The Project will receive power from the national grid. According to the proposed construction schedule, the offshore works will take approximately 24 months and the onshore works, including the erection of temporary facilities, will take approximately 30 months. Construction is scheduled start in 2020.
The Project will also require construction of the following Associated Facilities: (i) a 115kV electrical transmission line, approximately 4.9 km long, connecting the port to the substation of Nueva Colonia; and (ii) a 13-km alternate road from Nueva Colonia to Apartadó to allow for the progressive expansion of port operations. The transmission line construction will be undertaken by Empresas Públicas de Medellín, the incumbent utility in the region, while the Apartadó-Nueva Colonia road will be built by a contractor yet to be determined who will be engaged by the public entities involved, as this will constitute public infrastructure. As such, the PE will have no control and only limited leverage over the implementation of environmental and social management measures during the construction and operation of the Associated Facilities. Construction materials will be sourced from existing quarries, which are not considered Associated Facilities of the Project.
As stated by the MIGA, the Project will be developed by Sociedad Portuaria Puerto Bahía Colombia de Urabá S.A. (Project Enterprise, "PE"), which was created to develop the Project. Key shareholders in the PE include CMA Holdings, Puertos, Iversiones y Obras S.A.S., the Antioquia government through Instituto para el Desarrollo de Antioquia and banana industry partners (CI Uniban, Agricola Santamaria, Banafrut and CI Tropical). CMAT/Eiffage Holdings is a joint venture of CMA Terminals, which owns and operates 19 port terminals, and Eiffage, one of the largest construction companies in Europe.
Consorcio Terminal Maritimo, a joint venture between Effiage (France) and Termotécnia Coindustrial (Colombia), has been selected as the main Engineering, Procurement, and Construction Contractor. A consortium of Egis Ports (France) and Aqua&Terra (Colombia) have been selected as the Owner’s Engineer for the Project, and Rina has been engaged as the Independent Environmental and Social Consultant.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||RINA S.p.A.||Contractor||Technical Cooperation|
|Aqua & Terra (Colombia)||Contractor||Infrastructure||contracts with||Egis Group||Contractor||Infrastructure|
|CMA CGM SA||Investor||Infrastructure||invests in||Sociedad Portuaria Puerto Bahia SA||Client||Construction|
|Puertos, Iversiones y Obras S.A.S.||Investor||Infrastructure||invests in||Sociedad Portuaria Puerto Bahia SA||Client||Construction|
|Termotecnica Coindustrial||Contractor||Construction||contracts with||Eiffage Infrastructures SASU||Contractor||Construction|
Financial Intermediary - Financiera de Desarrollo Nacional S.A.:
Rubén Burgos - Environmental and Social Director
Address: Carrera 7 N.° 71-52 Torre B, Piso 6, Bogotá D.C., Colombia
Andrés Felipe Bustos - Project Manager
Address: Calle 104 #101-15, Piso 8, Edificio Cámara de Comercio, Apartadó, Colombia
ACCESS TO INFORMATION
You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information
You can also request general information about MIGA and for information on guarantees by emailing: firstname.lastname@example.org
ACCOUNTABILITY MECHANISM OF IFC/MIGA
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org