Financing deal for Muneshwers aims at expansion of cargo handling
The financing deal announced by GBTI on Friday for the Muneshwers group covers a total of US$14m for expansion of cargo handling and other areas, according to a release yesterday from IDB Invest.
The release said that IDB Invest and the Guyana Bank for Trade and Industry Limited (GBTI) have partnered with Muneshwers, a transport and logistics company, to provide a US$14 million financing package for two new multipurpose cargo cranes and a new logistics warehouse to help expand the port terminal’s processing capacity.
According to the release, the financing comprises a senior loan of US$10 million from IDB Invest – the private sector arm of the Inter-American Development Bank - and US$4 million from GBTI.
The project is sited at the Port of Georgetown and will up trade flows by helping Muneshwers increase the cargo handling capacity from the 30,000 twentyfoot equivalent unit containers per year to almost double the capacity in 2025. The improvement of the port infrastructure will also boost port productivity by increasing berth movements for cargo from various countries including Suriname, Trinidad,
Colombia and Panama. The release noted that in 2022, IDB Invest provided a US$4 million loan for Muneshwers to acquire its first mobile harbour crane.
IDB Invest will also assist Muneshwers to improve its sustainability and energy efficiency through technical and economic feasibility studies to implement a photovoltaic solar system on rooftops, and for energy storage to heighten its resiliency.
The release said that Muneshwers is also implementing a Corporate Governance Action Plan to lift its standards and incorporate best practices at the board and management level.
IDB Invest’s participation in this project will mobilize the private sector to develop infrastructure projects in Guyana that can be reproduced in other Caribbean countries, the release said.
The project is expected to contribute to the following United Nations Sustainable Development Goals (SDGs): Industry, Innovation and Infrastructure (SDG 9).
With a portfolio of US$16.3 billion in assets under management and over 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a range of industries, its release stated.
The release added that Muneshwers is one of the five multi-purpose terminals in Port Georgetown and with a significant market share in the industry. The company provides import and export services of containerized cargo to various parts of the world with direct services to Suriname, Trinidad, Colombia, and Panama. It has over 30 years of experience in the shipping industry. The release said that the company is positioning itself to take opportunity of Guyana’s rapid economic growth.