Construction has begun on the greenfield multi-purpose port project at Posorja, Ecuador, with work expected to take 24 months to complete.
It follows the 50-year concession DP World won last year to build a facility with a capacity of 750,000 teu, located 65 km from Guayaquil.
The US$500m initial investment (Phase 1) includes the purchase of land, dredging of a new access channel, a 20 km access road and a 400 m berth equipped to handle containers and other cargo.
Total investment will be over US$1bn for the entire project with close to 1,000 jobs during operations along with plans to develop a logistics zone to create a regional trading hub.
Work began in July on nearby access roads while a 1 sq km logistics and industrial park, marked as a Special Economic Development Zone, will be developed adjacent to the port.
DP World group chairman and CEO Sultan Ahmed Bin Sulayem said that the country;’s first public-private partnership would help to improve the competitiveness of Ecuadorian exporters.
DP World Posorja general manager Jorge Velásquez, said: “This facility will help Ecuador become an important player in regional and global trade and its deep drafts and quay lengths will handle Post-Panamax vessels to complement Guayaquil and other nearby terminals.
“Its navigation channel is designed for ease of access, allowing large capacity ships to call at our shores.”