US financing could boost development of yet another megaport in Peru — MercoPress

US financing could boost development of yet another megaport in Peru

Thursday, December 5th 2024 – 09:33 UTC

In the meantime, Chancay continues to grow as a key point for trade with Asia

Peruvian media have reported on the alleged interest of the United States in funding the southern port of Corío, in Arequipa, to match the Chancay Megaport opened in northern Lima last month and built with China’s support. However, there are still administrative and technical challenges to overcome before Corío can consolidate itself as a direct competitor in international trade.

Corío is more than 20 years behind schedule, being one of the most ambitious projects in the country, according to shipping experts. It is expected to exceed Chancay’s capacity and boast technical characteristics unique in the region. It seeks to handle up to 100 million metric tons per year, which would double the scope of other Peruvian terminals.

The port is shaping up to be the largest and most modern port terminal in southern Peru, with a depth of 28 meters that will allow the entry of deep-draft vessels, surpassing the capacities of the Chancay Megaport. In addition, the design contemplates a multimodal system that will integrate land, rail, and air transportation, optimizing connectivity.

The initial investment for the project is estimated above US$ 7 billion, including state-of-the-art port infrastructure, storage areas, and an efficient distribution network that will connect the port with the main trade centers in South America. The facility could also become a key point for exports from neighboring countries such as Brazil, Bolivia, and Paraguay, it was explained.

The United States’ interest stems from Washington’s strategy to strengthen its presence in Latin America, where projects such as the Chancay Megaport, led by Chinese companies, have attracted international attention.

Foreign investment would not only accelerate the construction of the Corío port but also develop its potential as a high-performance logistics center. However, the project faces significant challenges, such as the recent decision by the National Port Authority (APN) to reject an initial proposal submitted by the consortium in charge of developing the terminal. These disagreements have cast doubts about the terminal’s future.

On the other hand, the Chancay Megaport continues to advance as one of the main Chinese investments in Peru. This terminal, located in the north of the country, has been designed to move 30 million metric tons per year, thus consolidating itself as a key point for trade with Asia.

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