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$1 Billion in Upgrades for Puerto Cortes, Honduras

Article Summary:

Honduras plans to invest heavily in the modernization of Puerto Cortes and move three million containers a year. To achieve this ambitious goal, the port will require two new terminals and specialized operators, as well as a total investment of $1 billion.

Photo Credit: El Heraldo

Original Article Text From El Heraldo via Google Translate :

Government of Honduras seeks to reorganize modernization of Puerto Cortes

The fall in revenues in Puerto Cortes, Honduras’ main port, has been warning the government of Porfirio Lobo Sosa.
While most terminal and port operations in the Honduran Caribbean are managed by the private sector, restructuring and modernization process has not been as effective so far, according to Commissioner Coalianza, Octavio Sanchez.During the cabinet meeting held on Tuesday at the Presidential House, Coalianza proposed a 30-year investment, which was approved by President Lobo and his closest collaborators.

Sanchez complained after the meeting that the way we took out the process of structuring the National Port in Puerto Cortes “was a bit messy” and instead of generating revenue, “is generating losses””The first stage was a long process,” so it was determined to hire a new bank in the restructuring process, with the objective of raising investment.

The trust was awarded to Honduras Ficohsa Bank , as trustee and arranger who is responsible for hiring the team of advisers on technical, economic, financial, socio-farm, environmental, legal, structuring documents with Coalianza “Project” and “international public tender to modernize the port facility.”

The proposals, presented today at “Pepe” Lobo and his ministers, provide a goal with over 15 years to go from about 500 thousand containers that move in the terminal year, three million and a half in 15 years.

To achieve the ambitious projection, will require the construction of two new terminals and the recruitment of the respective operators, requiring an investment total of one billion dollars.

The proposed arrangement of Puerto Cortes is referred to 30 years, with a view to maintaining the competitiveness of the customs terminal.

At the time, Puerto Cortes was the most important in Central America, but ports in Guatemala and Costa Rica now have much larger operations to the largest port in Honduras.

Budgeting usually begins this month For his part, Minister of Planning and Technical Cooperation, July Raudales, confirmed today by the Council of Ministers this month will begin preparing the general budget of Income and Expenditure for 2013 Honduras.

The process, coordinated by the Ministry of Finance, will be attended by representatives of all ministries and state institutions.Also, planning will continue to review the effective implementation of the funds allocated for this year for the next three quarters.

Link to Original Article:

From El Heraldo

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