The Asian Development Bank (ADB) and Nhava Sheva Freeport Terminal Private Limited (NSFTPL) have signed a $131 million loan agreement to upgrade the Jawaharlal Nehru Port Container Terminal in Navi Mumbai, India. The upgrade aims to enhance international trade in India through efficient, transparent, and state-of-the-art logistics infrastructure.
NSFTPL is a special purpose vehicle jointly owned by J M Baxi Ports and Logistics Limited (JMBPL) and CMA Terminals. The loan will be used to upgrade existing berths and yards and install additional energy-efficient equipment such as electric quay cranes, as well as expand the terminal’s container handling capacity and attract vessels operating on important international shipping lanes.
“Global trade and supply chains are vulnerable to shocks, and enhancing countries’ capacity for trade is critical to the region’s recovery from COVID-19 and its ongoing prosperity,” ADB Vice-President for Private Sector Operations and Public-Private Partnerships Ashok Lavasa said.
This loan will be a big boost to the economic competitiveness in India by developing world-class mega ports and boosting the efficiency of containerized cargo terminal operations. The Jawaharlal Nehru Port Container Terminal handles a large portion of India’s containerized cargo and the upgrade will improve the efficiency and reliability of the port, making it more attractive to international shippers and traders.
