Asian Development Bank funds a Container terminal at JNPA

2023-01-25 11:16:47 Indian Ports News

The Asian Development Bank (ADB) and Nhava Sheva Freeport Terminal Private Limited (NSFTPL) have signed a loan agreement for Rs 1066 Crores to upgrade the Jawaharlal Nehru Port Container Terminal, Navi Mumbai, to enhance international trade in India through efficient, transparent, and state-of-the-art logistics infrastructure.

NSFTPL is a special purpose vehicle jointly owned by J M Baxi Ports and Logistics Limited (JMBPL) and CMA Terminals.

The funds will be used to upgrade existing berths and yards and install additional energy efficient equipment such as electric quay cranes," it said.

ADB further said these upgrades will expand the terminal's container handling capacity and attract vessels operating on important international shipping lanes.

"Global trade and supply chains are vulnerable to shocks, and enhancing countries' capacity for trade is critical to the region's recovery from COVID-19 and its ongoing prosperity," ADB Vice-President for Private Sector Operations and Public-Private Partnerships Ashok Lavasa said.

The financial support from ADB can boost economic competitiveness in India by developing world-class mega ports and boosting the efficiency of containerized cargo terminal operations.

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