A US$14mn loan contract between the Inter-American Investment Corporation (IIC) and the operators of Argentina’s Zarate port terminal is expected to be signed by end-June, an official from Costa Rica’s regional infrastructure financing corporation CIFI told BNamericas.

The funding package consists of a US$7mn A loan, to be provided by IIC, and a US$7mn B loan, which will be provided by CIFI through IIC.

The loan will be used to expand and improve the Zarate terminal, which is located northeast of capital Buenos Aires. Work includes expanding the pier and container yard, as well as parking facilities.

Zarate terminal is a privately owned port complex that operates as a container, general cargo, and vehicle terminal. It is owned by local Murchison group in partnership with Brazil’s Cotia Trading.