KINGSTON FREEPORT TERMINAL LTD (FMO-48124)

Countries
  • Jamaica
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jun 25, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

WHO IS OUR CLIENT

Kingston Freeport Terminal Ltd. (KFTL) is a company ultimately owned by French shipping company CMA CGM, the third largest container shipping line in the world. The project entails the privatization, expansion and improvement, operation and maintenance of the existing Kingston Container Terminal (KCT) in Kingston Jamaica, under a 30 year concession.

FUNDING OBJECTIVE

As part of the long-term debt consortium, FMO commits to USD 30 million. The funding will be used to expand and upgrade the current infrastructure to international, high quality standards. Through this, KCT's port capacity will increase to TEU 3.2 million per annum within the next six years and will serve as a hub for container shipment in the Caribbean region.

WHY WE FUND THIS PROJECT

KCT is an essential part of Jamaican infrastructure and serves as showcase for the positive developments Jamaica has experienced since the IMF bailout in 2013. By financing KFTL, FMO aims to support the creation and maintaining of direct and indirect jobs. Furthermore, the grantor of the concession, Port Authority of Jamaica, will benefit from substantial upfront and annual concession fees. Also, due to the transhipment nature of KCT's customer base and its strategic location, KFTL will enable shipping lines to reduce their vessels' oil consumption.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

FMO
The Netherlands
+31 70 314 96 96
info@fmo.nl
Anna van Saksenlaan 71
2593 HW, The Hague
The Netherlands

FMO
South Africa
+27 11 507 2500
joburg-office@fmo.nl
Regent Place, 2nd Floor
Cradock Ave, Rosebank 2196
Johannesburg South Africa

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

How it works

How it works