ADB to Support Upgrading of India’s Jawaharlal Nehru Port Container Terminal
19 January 2023
The Jawaharlal Nehru Port Container Terminal in Navi Mumbai, Maharashtra, India, will receive a loan to expand the terminal’s container handling capacity and attract vessels operating on important international shipping lanes. The Nhava Sheva Container Terminal Financing Project, signed by the Asian Development Bank (ADB) and Nhava Sheva Freeport Terminal Private Limited (NSFTPL) on 23 January 2023, is a $131 million financing package that will improve the container terminal’s existing berths and yards, and install additional energy efficient equipment, including electric quay cranes.
The project comprises $61.4 million from ADB’s ordinary capital resources and $69.6 million from Leading Asia’s Private Infrastructure Fund (LEAP) administered by ADB.
The planned improvements will promote efficient, transparent, and state-of-the-art logistics infrastructure, and will be undertaken to help boost the country’s international trade.
Mr. Ashok Lavasa, ADB Vice-President for Private Sector Operations and Public–Private Partnerships, underscored that 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. Long-term financial support from ADB can boost India’s economic competitiveness by developing world-class mega ports and boosting the efficiency of containerized cargo terminal operations.
The Nhava Sheva Freeport Terminal is a key terminal for India. The deal underscores India’s potential in becoming a $10 trillion economy by 2035. The agreement with ADB is the largest loan signed by NSFTPL, according to Mr. Dhruv Kotak, NSFTPL Board member and JMBPL Managing Director. NSFTPL is a special purpose vehicle jointly owned by J M Baxi Ports and Logistics Limited (JMBPL) and CMA Terminals.
Related links
