Punta Langosta Cruise Ship Terminal

completed

Summary Of Project Information (SPI)Project NameMexico-Punta Langosta Cruise Ship Terminal     RegionLatin America and CaribbeanSectorProject No008383Projected Board DateFebruary 16, 1998Company NameTerminal de Cruceros Punta Langosta, Cozumel, S.A. de C.V.Technical Partner and/or Major Shareholders Empresas ICA Sociedad Controladora, S.A. de C.V., Mexico (“Empresas ICA”). Empresas ICA is a Mexican holding company that includes the largest construction company in Mexico and is involved in industry, urban works, manufacturing, capital goods, tourism and extraction and marketing of construction materials.Project Cost Including Proposed IFC Investment Estimated project cost is US$19.6 million. The proposed IFC investment would include an A Loan of up to US$4 million, a B Loan of up to US$7 million and an equity investment of up to US$1 million.Location of Project and Description of Site The proposed terminal will be constructed adjacent to San Miguel, the only city on Cozumel, where the commercial infrastructure of the island is located, and will consist of a pier and a land terminal. The pier will be L-shaped and will have two docking positions which can receive both third generation cruise ships (42,000 tons, 180 meters, carrying up to 750 passengers) and fourth generation cruise ships (75,000 tons, 300 meters, carrying up to 2,200 passengers).Description of Company and Purpose of Project(include IFC’s Role and Development Impact) The Project will comprise the construction and operation of a cruise ship terminal under a 25-year concession from the Administración Portuaria Integral de Quintana Roo, S.A. de C.V. Operation is expected to begin in January 1999. As a consequence of the steady growth in cruise ship arrivals, Cozumel now lacks sufficient docking capacity for arriving cruise ships. The proposed Project, along with one existing terminal and another currently under construction, will remove the docking bottleneck. Cruise ship tourism can bring high revenues to ports and make a significant contribution to state, national and regional economies. Tourism is Cozumel’s principal industry. IFC’s investment would reinforce the efforts of the Government of Mexico to decentralize its port administration and open the port sector to private entrepreneurs and will secure limited-recourse private finance for the provision of cost-effective infrastructure services. IFC’s support will be directed to a greenfield project arising at the initiative of local governmental authorities. Environmental Category and Issues This is an environmental review category B project. Key environmental, health and safety impacts of the project analyzed were air emissions, liquid effluents, spill prevention, solid waste disposal, protection to coastal resources, fire prevention and emergency response and general employee safety. The sponsor prepared an environmental impact assessment as required by the local authorities. Copy of this document was submitted to IFC. The sponsor will implement the recommendations given in the EIA. Based on its review of available information regarding potential environmental impacts and proposed mitigation measures, IFC concludes that the proposed project is being designed to meet Government of Mexico requirements, as appropriate, and World Bank policies, and environmental, health and safety guidelines. The is from the Public Information Center.Date SPI sent to InfoShop January 16, 1998     “This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).