The International Finance Corp (IFC), a member of the World Bank, has agreed to give a multi-million dollar loan to Myanmese International Bulk Terminal (Thilawa) Co (IBTT) for the development and operation of a bulk terminal.
The US$15M loan was to be used to establish a greenfield bulk terminal with a capacity of more than one million tonnes at Thilawa Port, a deep river port some 25km south of Yangon in western Myanmar, wrote World Grain on 28 March.
According to IFC, the US$65M terminal would help reduce transport and logistics costs, support trade and increase competitiveness within Myanmar’s supply chain while facilitating trade flows of grains – such as rice and wheat – and animal feed.
“As one of the first providers of specialised bulk cargo handling, this project contributes to the diversification of port services in Myanmar,” said Vikram Kumar, IFC country manager for Myanmar.
“It also supports the government’s ongoing plan to increase private sector participation in port, logistics and transportation services to drive economic growth.”
IBTT was established in late 2017 as a joint venture between Myanmar’s Kamigumi Co and Lluvia with a focus on grain, feed and other bulk handling at the Thilawa region, wrote World Grain.