Cai Lan deepwater port secures $100 mil. investment

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The Cai Lan International Container Terminal (CICT) is insvesting US$100 million in a new container terminal in the northern province of Quang Ninh.

Construction of the deepwater container terminal is expected to start this month. When it is operational in late 2011, the terminal will be able to accommodate container ships of up to 40,000 tons.

The capacity of the terminal will go up to one million TEU's per annum in 2019. A TEU is a 20-foot equivalency unit.

CICT is a joint venture between Cai Lan Port Investment JSC and Carrix, Inc., a US company headquartered in Seattle.

The joint venture had previously entered into a loan agreement with a consortium including the IFC, FMO and Proparco to finance the project.

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