John Fernandes, a household Guyanese name and brand has secured a US$4 million corporate loan from the International Development Bank (IDB) to secure Guyana’s second mobile crane.
The deal was overseen by the country’s Minister of Finance, Dr. Ashni Singh on Jan. 18, 2023.
According to government’s public relations arm, Department of Public Information, the transaction allows for an increase in the quantity of international cargo handled at the port facilities operated by John Fernandes Limited (JFL).
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The IDB noted that currently, all port operations in Guyana rely on crane vessels for loading and discharging containers and that these are less efficient and have less cargo handling capacity than a material handling crane (MHC). As such, with the incorporation of the MHC, JFL would be able to service gearless vessels that can carry a substantially greater amount of cargo and do so more efficiently due to the MHC’s ability to load and discharge containers at a higher rate.
At the online ceremony, Dr. Singh expressed his appreciation to IDB-Invest for showing commitment in investing in this private sector project which not only allows for development of port facilities generally in the country but is also a sign that the financial institution is showing serious interest in quickly and aggressively assisting in Guyana’s development in more ways than one.
He recalled that it was the same institution that signed a similar loan agreement in October with Muneshwers Limited for the procurement of Guyana’s first mobile crane. He therefore commended both JFL’s Chief Executive Officer Philip Fernandes and the IDB Group’s Country Representative, Guyana (Acting) Lorena Solorzano Salazar for the fast pace at which the agreement was finalized.
According to the IDB, the transaction will not only support increased cargo handling capacity from the current 33 thousand twenty-foot equivalent unit (“TEUs”) containers per year to 100 thousand TEUs per year in 2032 but also improve the port infrastructure in Guyana and contribute to timely and efficient handling of rising international commerce in the country.
IDB Invest is the private sector arm of the IDB. Its aim is to advance economic development and improve lives by encouraging the growth of the private sector. It offers an array of investment opportunities and provides its clients with customised financing solutions and expert advice, tailored to their specific industry and market.
