THE US$452 million port modernisation project is moving towards completion in Kingston, remaking Jamaica's big port, reports the Jamaica Observer.
The China Infrastructure Fund has given a loan commitment of US$50 million to Kingston Freeport Terminal Limited (KFTL) to supplement the Washington-based Inter-American Development Bank (IDB) loans of $215 million.
The Kingston Container Terminal (KCT), owned by French shipping giant CMA CGM, under a 30-year concession now operates one of the largest container and transshipment ports in the Caribbean.
The project is being executed in three phases of which Phase 1 is completed while Phase 2, which is almost complete, has already transformed the port of Kingston through a number of land and offshore developments. Phase 3 is about to begin.
Phase 1 consists of deepening the channel, turning circle and quays allowing 14.2 metre alongside within six years, capacity optimisation from 2.8 million TEU to 3.2 million TEU, while Phase 2 will dredge to 15.5 metres alongside. Phase 3 will see the construction of a new berth to increase annual capacity to 4.5 million TEU.