ADB Extends $40 Million Loan to Indian Port Company

27 October 2014

The Asian Development Bank (ADB) is extending $40 million in loan to Ocean Sparkle Ltd (OSL), one of India’s largest port operations and management companies, to expand and improve fleet services. This first private sector investment in India’s ports sector will fuel efficiency, lower freight costs, hasten shipping, and expand maritime trade. 

The 2014-2016 project will help OSL purchase 10 tugboats used in Indian ports and neighboring South Asian markets along east-west shipping routes. It will also finance acquisition of two platform vessels and anchor handling tug supply vessels for future offshore oil and gas activities. Fleet improvement will further boost competitiveness in India’s major and non-major ports, enhance economic growth, and generate additional jobs and business opportunities for people in the region.  

ADB’s 12-year loan allows the company to amortize over a longer period the high up-front costs of purchasing the marine vessels. As one of the major hubs for global trade, India will benefit through lesser cargo handling costs, faster vessel turnaround, greater port efficiency, and enhanced international competitiveness.

 

Related Links:

ADB Supports Indian Port Company With US$40 Million Loan To Boost Trade
Ocean Sparkle Gets ADB Loan for Fleet Expansion

The National Industrial Corridor Development and Implementation Trust (NICDIT) has approved the inclusion of the Odisha Economic Corridor...

Read More


A trial run for the first export consignment from Bangladesh to Tripura, India, through inland waterways was conducted...

Read More


The 21st Session of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Senior Officials’...

Read More


Hydropower generation in Bhutan, the country’s biggest export, has increased by 14%, according to a report by ...

Read More


Mr. Harsh Vardhan Shringla, Foreign Secretary of the Government of India, paid a visit to Dhaka, Bangladesh, on...

Read More


The Government of Bangladesh approved a Tk 848.3 crore (around $100 million) for a road widening project that...

Read More


Ms. Himalee Arunatilaka, Sri Lankan Ambassador to Nepal, called on Nepal Prime Minister K.P. Sharma Oli on 18...

Read More