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International Finance Corporation News

25 Jan 2024

Panama Canal Appoints Chief Sustainability Officer

Ilya Espino de Marotta (Photo: Panama Canal Authority)

The Panama Canal announced that Deputy Administrator Ilya Espino de Marotta will now also serve as the Canal’s first Chief Sustainability Officer (CSO).As CSO, Espino de Marotta will spearhead the development of a comprehensive sustainability strategy focused on decarbonization, adaptation, and transition. Working with the International Finance Corporation (IFC), part of the World Bank Group, the Canal is already in the process of finalizing an inventory of its greenhouse gas (GHG) emissions and aims to complete a climate risk assessment by the end of the year.

21 Aug 2019

African LNG to Attract $103Bln in 2019

With greenfield investments in Nigeria, Egypt, Mozambique and elsewhere reaching nearly $103 billion this year, it is clear that liquefaction is viewed as the most profitable strategy for realizing Africa’s gas potential, said Gas Exporting Countries Forum (GECF).Africa is an exciting frontier in the global natural gas sector. The continent holds 7.1 percent of proven global gas reserves and is expected to contribute nearly 10 percent of global production growth through to 2024.Nigeria accounts for over 50 percent of current LNG production capacity on the continent. With October 2019 seeing a final investment decision on the $12 billion…

07 Mar 2019

World Bank Targets Offshore Wind Markets

The World Bank Group announced a new program to advance the adoption of offshore wind energy in developing countries and emerging markets.The World Bank and  International Finance Corporation (IFC) will help these markets evaluate their offshore wind potential and provide technical assistance to develop a growing pipeline of projects that are ready for investment by renewable energy developers, said a release from the  international financial institution.The offshore wind industry has grown nearly five-fold since 2011, with 23 gigawatts installed at the end of 2018 and a large volume of planned projects in Europe, China and the United States.

02 Dec 2018

Royal Vopak Rraises Stake in Pakistan LNG Terminal

Dutch petroleum storage company Royal Vopak announced that it will acquire in total 44% in Elengy Terminal Pakistan Ltd  (ETPL) in separate transactions with International Finance Corporation (IFC) and Engro Corporation Ltd (Engro Corporation). This includes the acquisition of a 29% share announced in July.ETPL's wholly owned subsidiary, Engro Elengy Terminal (Pvt) Ltd (EETPL) owns an LNG facility which is located in Port Qasim in Pakistan, adjacent to the Engro Vopak chemical terminal on the mainland side of the channel into Port Qasim.The facility has been in operation since 2015 and is the first LNG import facility in Pakistan.The facility consists of an LNG jetty including a 7.5 km high pressure gas pipeline.

24 Oct 2018

Blue Water Energy Partners with Apex International Energy

Apex International Energy announced that affiliates of Blue Water Energy (BWE) have agreed to partner with Apex and join the existing investors: Warburg Pincus LLC, International Finance Corporation (IFC) and company management.The oil and gas exploration and production company focused on Egypt and other Middle Eastern and North African countries (MENA) said that it is primarily focused on pursuing acquisitions and drilling opportunities in MENA, with an initial focus on Egypt.The company will continue to acquire assets and licenses, whilst driving value creation through the execution of production optimization opportunities, developments and exploration opportunities of scale.Blue Water Energy…

23 Aug 2018

Excelerate Energy Commissions Bangladesh’s First LNG Import Terminal

Excelerate Energy Bangladesh completed the commissioning of its Moheshkhali Floating LNG (MLNG) terminal – Bangladesh’s first liquefied natural gas (LNG) import facility – signifying the official commencement of operations for the project.This milestone was achieved approximately 25 months after the execution of project agreements, which took place in July 2016, with the state-owned Bangladesh Oil, Gas & Mineral Corporation (Petrobangla) and 13 months following the receipt of all permits required to achieve financial close in August 2017 with its lenders, led by the International Finance Corporation (IFC).Located offshore Moheshkhali Island in the Bay of Bengal…

20 Nov 2016

Tema Port To Be Expanded

Ghana President John Dramani Mahama has launched the start of major expansion works at the Tema Port, near Accra, according to local reports. This ambitious project involves an upgrade and significant expansion of Ghana’s main seaport. The project is a Public Private Partnership between the Ghana Ports and Harbours Authority (GPHA), representing the Ghana Government and Meridian Ports Services (MPS). The Port Of Tema Is the largest port in Ghana. Situated on the eastern coast of the country it stretches over a 3.9 million square metres of land area. The port receives an average of over 1650 vessel calls per year. These comprise container vessels, general cargo vessels, tankers, Ro-Ro and cruise vessels amongst many others.

01 Nov 2016

Ferries Expert Offers Perspective on UN Transport Report

(File photo: William Graf)

Len Roueche, a Director of WFSA and a Consultant to Förde Reederei Seetouristik (FRS), and previously the CEO of Interferry – the trade association lead for the worldwide ferry sector, has offered his views on ways to implement some of the key suggestions in this important and forward-looking just-released report, authored by the United Nations Secretary-General's High-Level Advisory Group (HLAG) on Sustainable Transport of which he is a member. The U.N. report is wide ranging…

04 Oct 2016

Inland Water Transport Terminal to Come up in Kolkata, Patna

Inland water transport terminals will come up in Kolkata and Patna under the public-private partnership (PPP) model with the Inland Waterways Authority of India (IWAI) having identified development and operation of Kolkata Terminal’s GR Jetty -I, GR Jetty-II & BISN and Patna Terminal’s Gaighat & Kalughat on the river Ganga. According to an official statement, after invitation of bids, nine firms have expressed their interest in taking up the project and the work was expected to be awarded by November. This is the first PPP project undertaken by the IWAI. Under the transactional structure worked out by International Finance Corporation (IFC)…

07 Jul 2015

Haiti’s Port Lafito Officially Opens

GB Group inaugurated their Port Lafito, a world-class modern container port in Haiti. They informed that the port is now open and operational. Port Lafito is Haiti’s first Panamax Port with state of the art equipment and technology. The multi-million dollar project, led by GB Group, is a private, public and international partnership between the Haitian government, the Haitian private sector and international financial institutions including the Haitian State Bank, Banque Nationale de Credit S.A., Capital Bank, Fonds de Développement Industriel (“FDI”), the International Finance Corporation (“IFC”), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (“FMO”) the Dutch Development Bank, and Nationale d’Assurance S.A. (NASSA).

09 Apr 2015

IFC Plans $2 bln Investment in Egyptian Infrastructure, Power

The World Bank's development arm plans to invest between $1.2 billion and $2 billion in Egypt over the next four years, including around the Suez Canal, its regional director told Reuters. The International Finance Corporation is looking at ports and logistics projects, Mouayed Makhlouf, the IFC's director of Middle East and North Africa, said in an interview. The government is building a second waterway to accelerate trade flows through the canal, already one of Egypt's major sources of foreign currency. Besides infrastructure and energy projects, IFC is working with United Arab Emirates' renewable energy company Masdar and Saudi Arabia-based power and water project developer ACWA Power…

01 Mar 2015

ADB Okays $30mln for Pak LNG Terminal

The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal Private Limited, a special purpose company which will build Pakistan’s first liquefied natural gas (LNG) regasification terminal at the Port Qasim. Besides the ADB, the International Finance Corporation is likely to provide $20 million and local banks another $50 million. The rest of the project financing will come from equity proceeds of $33.3 million, for a total cost of $133.3 million, including contingencies. The $30 million loan is to be used to build and operate the regasification facility. The fuel, suitable for use at most of the country’s combi¬ned cycle power plants, will be supplied to the state-owned Sui Southern Gas Comp¬any’s distribution network via a new high pressure pipeline.

22 Apr 2014

Inside Paraguay’s Oil Boom

The Republic of Paraguay is a landlocked country in South America bordered by Argentina to the south and southwest, Brazil to the east and northeast, and Bolivia to the northwest. The Paraguay River runs through the center of the country from north to south. Due to its central location in South America, it is sometimes referred to as the Heart of South America. Paraguay’s geography consists of grassy plains and wooded hills in the east and mostly low, marshy plains to the west. Paraguay has a population of around 6.5 million, who consume 28,000 barrels per day (bpd) of refined petroleum products. Paraguay currently imports all of its oil, as it does not yet have any domestic production.

10 Jan 2014

$642M Terminal Puerto Bahía Under Development

Source: Pacific Infrastructure

Pacific Infrastructure, a subsidiary of Canadian oil company Pacific Rubiales, is developing the multipurpose terminal Puerto Bahia in the South of Cartagena Bay on Colombia’s Caribbean coast. In September 2012 Pacific Infrastructure awarded the construction of the multipurpose terminal to a consortium formed by Isolux Corsán (Spain), Tradeco (Mexico) and Tampa Tanks (U.S.). The construction of Puerto Bahía is scheduled to be completed during the first half of 2015. The total…

08 Jul 2013

Torm Appoints New CFO

Photo courtesy of TORM

Mads Peter Zacho (44) has been appointed new Chief Financial Officer (CFO) of TORM A/S. With an educational background as M.Sc. from the University of Copenhagen, Mads Peter Zacho began his professional career in banking working with Goldman Sachs Intl. and Unibank before joining the International Finance Corporation in Washington D.C. Mads Peter Zacho was with Nordea in Copenhagen before being recruited to A.P. Moller Maersk, where he was appointed Deputy Head of Group Finance. He joined Svitzer in 2010 where he is CFO today. “We are very pleased with the appointment of Mads.

05 Jul 2013

Peak Re Makes Senior Appointments in Hong Kong

Clockwise from top left: Lay-Hui Lim, Jasmine Miow, Shibo Zhang and Arina Tek

Peak Reinsurance Company Ltd., a Hong Kong reinsurer backed by Fosun International Limited and International Finance Corporation, announced four appointments to strengthen its underwriting and research capabilities in the Asia Pacific region. These new hires are part of Peak Re’s strategic plan to bring world-class reinsurance experience to the region, the company said. Lay-Hui Lim joins Peak Re as Senior Vice President (SVP) of Underwriting and will lead the company’s marine business.

12 Mar 2013

Bank President Visits Panama Canal Locks

IDB Delegates: Photo credit PCA

President of Inter-American Development Bank (IDB), Luis Alberto Moreno, visits the construction site of the new locks in Colon province. The new locks, situated on the Atlantic side, were visited by Moreno, accompanied by IDB delegates, who are in Panama to participate in the Fifty-Fourth Annual Meeting of the Board of Governors which takes place from March 14 to 17, 2013. During the visit, Panama Canal Administrator Jorge Luis Quijano presented an update on the progress of the Expansion Program.

05 Mar 2013

World Bank Offers to Aid Jamaica's Logistics Hub Plans

Jamaica’s plans to become one of the world’s top four logistics centres has received a major boost after the World Bank committed to providing technical and other assistance for specific aspects of the proposed Global Logistics Hub initiative. The World Bank Group, through its representative to Jamaica, Giorgio Valentini, has endorsed the Government of Jamaica’s plans for the logistics hub initiative, describing it as ‘transformational’ when implemented which will significantly enhance Jamaica’s potential for growth. A 16 person delegation from the World Bank Group visited Jamaica last month for consultations on Jamaica’s Country Partnership Strategy which will feature the Logistics Hub Initiative.

24 Aug 2012

IFC Initiative Spearheads Interferry Forum’s Review of Future

The International Finance Corporation (IFC) – part of the World Bank Group that provides development loans to poor nations - is poised to support the ferry industry for the first time after asking trade association Interferry to help identify deserving countries and operators. The initiative will be explained at Interferry’s 37th annual conference in Dubai from October 21-24, which will also feature dramatic insights from power solutions giant Wärtsilä on how a fast-changing world could impact on shipping by the year 2030. IFC interest in the ferry sector was prompted by the ongoing IMO/Interferry joint programme to improve ferry safety in developing nations.

26 Jan 2012

Mica is AAPA 'Port Person of the Year'

U.S. Rep. John Mica

U.S. Rep. John Mica To Accept AAPA ‘Port Person Of Year’ Award At March 20 Event Luncheon. AAPA Centennial ‘Spring Conference’ Speakers Will Focus On Raising Priorities For Freight Infrastructure. U.S. Congressman John Mica (R-FL) will be honored on March 20 as the American Association of Port Authorities’ (AAPA) “Port Person of the Year” during the association’s 100th anniversary Spring Conference event, March 19-20, at The Renaissance Washington, DC Downtown Hotel. Celebrating its first century as the Western Hemisphere’s leading trade association representing port authorities…

21 Sep 2011

Climate Change Impacts on Ports and Trade

Ports are likely to be affected directly and indirectly by climate changes, such as rising sea levels, extreme weather events and rising temperatures. Climate change and its impact on ports will be the theme of the upcoming United Nations Conference on Trade and Development (UNCTAD) Expert Meeting that will take place from the 29th to the 30th of September. Over 80 per cent of world trade volume is carried by sea. International shipping and ports provide crucial linkages in global supply-chains and are essential for the ability of all countries, including those that are landlocked, to access global markets. Given ports’ strategic role as part of the international trading system…

14 Sep 2011

UNCTAD Convening Expert Meeting on "Climate Change Impacts and Adaptation"

The UNCTAD secretariat is convening an Ad Hoc Expert Meeting on "Climate Change Impacts and Adaptation: A Challenge for Global Ports", to be held in Geneva on 29-30 September 2011. Following earlier related activities (see www.unctad.org/ttl/legal, under "Meetings"), the two-day meeting aims to provide a platform for expert discussions on how best to improve the understanding of climate change impacts on ports and develop effective and appropriate adaptation response measures. The meeting aims to bring together a wide range of interested parties from the public and private sectors, including policy makers and planning authorities, port industry representatives and operators…

16 Dec 2008

Panama Canal Signs $2.3b Financing Agreement

On December 9, Panamanian President Martín Torrijos and Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta signed a $2.3b agreement with leaders from five multilateral and development agencies to finance the waterway’s most historic project to date: expansion. In an official ceremony held at Panama’s Ascanio Arosemena Auditorium, Mr. Alemán Zubieta and top executives from the five agencies signed the agreement to officiate the financing package, which will cover a portion of the $5.25b Canal Expansion Program.