ICTSI bags $300-M loan for port upgrades

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MANILA, Philippines — Enrique Razon Jr.-led International Container Terminal Services Inc. (ICTSI) has secured a $300-million loan from the Asian Infrastructure Investment Bank (AIIB) to support the expansion and upgrade of three of its terminals in the Philippines.

This deal marks the Beijing-based multilateral bank’s first nonsovereign-backed loan to the private sector in the Philippines.

It will support infrastructure upgrades at ICTSI’s flagship Manila International Container Terminal (MICT) as well as the Mindanao Container Terminal (MCT) and the South Luzon Container Terminal (SLCT), which is still under development in Batangas.

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