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The Asian Infrastructure Investment Bank approved International Container Terminal Services, Inc.’s US$300-million loan to fund upgrade and expansion plans of the port operator’s brownfield terminals in the Philippines
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The loan approved on March 25, 2026 will support ICTSI’s “Project Crane” to enhance regional and global trade connectivity by increasing the capacity, efficiency and sustainability of terminals operated by ICTSI through infrastructure upgrades and strategic expansion
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The project will cover Bauan International Port Inc., Mindanao Container Terminal, and Manila International Container Terminal
The Asian Infrastructure Investment Bank (AIIB) approved International Container Terminal Services, Inc.’s (ICTSI) US$300 million loan to fund upgrade and expansion plans of the port operator’s brownfield terminals in the Philippines.
According to AIIB’s website, the senior unsecured corporate loan approved on March 25, 2026 will support ICTSI’s “Project Crane.”
AIIB said the loan will enhance regional and global trade connectivity by increasing the capacity, efficiency and sustainability of terminals operated by ICTSI through infrastructure upgrades and strategic expansion.
Based on the project summary information, the project will cover Bauan International Port Inc., Mindanao Container Terminal (MCT), and Manila International Container Terminal (MICT).
Earlier, ICTSI said its estimated capex for 2026 is at $740 million, part of which will be utilized for ongoing expansions at MICT, MCT, and Manila North Harbour Port Inc.; various other equipment acquisitions and upgrades; and maintenance capex, among others.
ICTSI recently launched the $800-million South Luzon Container Terminal (SLCT) project with construction set to go into full swing by May and full completion targeted for 2028.
READ: ICTSI sets South Luzon Container Terminal construction in motion
SLCT will be located within BIPI, which will be converted into a modern container terminal capable of accommodating ultra-large container vessels, according to ICTSI.
AIIB said its environmental and social framework (ESF) apply to the project. It was also assigned as Category A, mainly due to the significant risks associated with the resettlement and the environmental and social risks inherent to the nature of port expansion activities.
It noted that ICTSI has an existing global environmental, social, and governance (ESG) policy to manage environmental and social risks and impacts of its operations in all terminals and subsidiaries across the jurisdictions in which it operates. Apart from the ESG policy, site-specific environmental and social impact assessment that includes an environmental and social management plan each for the capex facility supporting upgrades/expansions of MCT and BIPI has been prepared to meet national regulations and AIIB’s ESF requirements.
A resettlement plan addressing the resettlement impacts of BIPI redevelopment was developed and is now being implemented jointly by ICTSI and local government authorities.
For the crane equipment financing for MICT, the crane-focused environmental and social management system will apply as the environment and safety instrument.
