Fortis mandated to arrange and finance the Terminal Cuenca del Plata Project, Uruguay.

 

Privatised in 2001, this terminal is the biggest and most modern container handling terminal in Uruguay.  The Project aims to strengthen the position of the Port of Montevideo as a regional transshipment hub, competing directly with the ports of Buenos Aires (Argentina) and of Rio Grande do Sul (Brazil).

 

Thanks to long lasting relationships with the Katoen Natie group, Fortis made an offer that included the European Investment Bank as lender of the financing, but backed by the commercial guarantee of Fortis. 

 

The proceeds of the EIB Facilities will be used to finance the design and construction of a 350 metre extension of the existing quay, the dredging of a new berth, the reclamation of approximately 11.5 ha of land and the provision of terminal yard infrastructure, as well as the supply and installation of container handling equipment.  Work will be undertaken under separate contracts by Soletanche Bachy (France) for the civil works, and Jan de Nul N.V for the dredging of mud and hydraulic sand fill. Total investment cost for the Project is estimated at approximately USD 113 million.

 

Fortis issued a guarantee in favour of the EIB covering all commercial risks related to the project.

 

Katoen Natie acquired the concession in 2001, via its subsidiary Seaport terminals N.V., to operate the TCP container terminal for a period of 30 years.  The Katoen Natie group which was, before 2000, the second largest port operator in Antwerp, has greatly diversified its activities and now provides a much broader range of logistic services.  Presently, the bulk of the container handling business of the group is in the Port of Montevideo. 

 

For Fortis, this first transaction in Uruguay fits perfectly within its strategy to support significant development projects in Latin America in infrastructure as well as in industrial sectors (mainly in the mining and the energy sectors).

 

 

 

Fortis is an international financial services provider engaged in banking and insurance. We offer our personal, business and institutional customers a comprehensive package of products and services through our own channels, in collaboration with intermediaries and through other distribution partners.

With a market capitalisation of EUR 40.3 billion (30/11/2007), Fortis ranks among the 15 largest financial institutions in Europe. Our sound solvency position, our presence in more than 50 countries and our dedicated, professional workforce of 60,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. More information is available on www.fortis.com

 

 

Global Export & Project Finance (GEPF) is Fortis competence centre for long-term export and project finance and has a fully integrated international team of more than ninety specialists in Belgium, France, Germany, Italy, Singapore, Spain, the Netherlands, Turkey, UK and the USA. It also benefits from the support of representative offices in Algeria, Brazil, China, India, Indonesia, Iran, Mexico, Philippines, South Africa, South Korea, Vietnam and soon Dubai. GEPF is specialised in structuring and underwriting of the financing of large investment projects  in emerging markets as well as Infrastructure and Private Financing Initiatives in European countries. GEPF is one of Fortis' platforms for growth with a global reach.