Consortium APM Terminals Callao has announced it will invest US$750 million in making Callao, Peru's largest port, a major hub port in the region.
Henrik Kristensen, head of APM Terminals Callao, said Wednesday that the company will carry out the five stages of its modernization project at the Peruvian port over the next ten years.
He further explained that US$310 million will be spent on the first two stages in the next two years.
"This $310 million investment will allow for the purchase of four gantry cranes that could arrive in the country in October 2013," he said.
"With an investment of over 750 million dollars in infrastructure, we plan to make the Callao port a world class port, through the implementation of five stages over a period of ten years," he said.
APM Terminals Callao announced early last month that it had started the construction of its project to expand and modernize the terminal it operates in Peru's port of Callao.
The firm said the project, which includes expanding the terminal's facilities by demolishing an old train station, is expected to be completed in the fourth quarter of 2014.
In July 2011, APM Terminals took control of the administration and management of Terminal Muelle Norte (North Terminal) at the Port of Callao, Peru, under a 30-year concession.
Under the concession, APM has invested $35m to update and expand the existing facility into a multipurpose terminal serving general, ro-ro, break bulk and containerised cargo as well as cruise ships.
Located 30 minutes by car from Peru's capital of Lima, the port currently handles 90% of the country's containerised cargo.
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