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John Fernandes gets US$4M IDB loan to purchase mobile crane
Kaieteur News – Local shipping company- John Fernandes Limited has secured a US$4M corporate loan from the Inter-American Development Bank (IDB) to purchase a new mobile handline crane- aimed at increasing its capacity to handle international cargo at its port facilities operated here.
The loan was facilitated through IDB’s private sector arm- IDB Invest. The entity finances projects to advance clean energy, modernize agriculture, strengthen transportation systems and expand access to financing. IDB Invest is owned by its 47 member countries, 26 of which are in the Latin American and Caribbean region. Each country’s voting power is proportional to the number of IDB Invest shares it holds.
According to a press release issued by the Ministry of Finance, 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 an 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.
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.
John Fernandes Limited has secured a US$4M corporate loan from the Inter-American Development Bank (IDB) to purchase a new mobile handline crane.
Chief Executive Officer of John Fernandes Philip Fernandes and other team members including Mr. Michael Xavier, Legal Officer and Mr. Suresh Singh, Senior Accountant were present at the signing ceremony for the loan. Last month, during his year-end inspection of GRA’s operations at wharves, Minister Singh had highlighted that clearance of consignments would further be improved with the addition of two mobile cranes to be operated by John Fernandes Limited and Muneshwers. “These pieces of equipment will form part of the further modernization of operations at the wharves,” Dr. Singh had said then.
Meanwhile, during remarks at the 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 only in October signed a similar loan agreement of the same cost with Muneshwers Limited for the procurement of Guyana’s first mobile crane. He therefore commended both John Fernandes’ Chief Executive Officer (CEO) Mr. Philip Fernandes and the IDB Group’s Country Representative, Guyana (Acting) Lorena Solorzano Salazar for the fast pace at which the agreement was finalized.
Attending the signing ceremony were Ms. Lorena Solorzano Salazar IDB Group Country Representative, Guyana (Acting) along with other team members including Mr. Robert Le Hunte, Executive Director for The Bahamas, Barbados, Guyana, Jamaica, Suriname and Trinidad and Tobago IDB Group, Ms. Jaiwattie Anganu Ramroop, Alternate Executive Director and Mr. James Scriven Chief Executive Officer of IDB Invest.
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