Lirio Blanco

repaid

The IIC loan for up to US$2.2 million will be used primarily to finance the procurement of two tugboats for seagoing vessels.Lirio Blanco would provide towage support services for seagoing vessels entering the port of Punta Pereira, in Colonia Department, for the Montes del Plata project under an exclusive five-year contract beginning January 2013, renewable for two additional years, as well as towage support services for ships and barges entering the port of Nueva Palmira, in Soriano Department.The Montes del Plata project involves the construction of a cellulose pulp mill for processing eucalyptus from commercial tree farms. It encompasses the construction and operation of a cellulose mill producing on the order of 1.3 million metric tons of cellulose per year; a 160-megawatt biomass power generation facility; a river port terminal; barge terminals with wood storage yards; and a wood chipping plant. The cellulose mill will use elemental chlorine free (ECF) technology. The industrial facilities will be constructed in a free trade zone in Punta Pereira, some 190 kilometers west of Montevideo. Montes del Plata is the largest foreign investment in the history of Uruguay. The Inter-American Development Bank (IDB) is currently studying how to structure its financing.