Big investment for Panama
It's a big deal: Notarc Management Group (NMG), a Latin American-focused private investment and asset management firm, which launched its Panama Development Fund (PDF) last year, is going to acquire and accomplish the Panama Canal Container Port (PCCP), a USD 1.4 billion modern port facility.
To this end, NMG is partnering with Terminal Investment Limited (TIL), an affiliate of the Swiss Mediterranean Shipping Company (MSC), which will be in charge of managing overseeing operations of the transhipment facility. The project is completed to a level of 40% and - after a break - will now resume construction by Q4/2022. It is expected to handle 2.5 million teu in its initial years and grow to an annual capacity of 5 million teu.
"We are grateful to Notarc for allowing us to bring our global operational expertise to this development as we continue to expand our footprint in the Americas," said Ammar Kannan, CEO, TIL.
Notarc has also entered into a memorandum of understanding with USA-based SGP Bio Energy (SGP) to construct and develop a major bioenergy facility and further logistics infrastructure at the Colon project. (cd)