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irak umm qsr proparco
Proparco grants a $33 million loan to Terminal Link for the renovation of a port infrastructure in Iraq. The project involves the rehabilitation and extension of a container terminal at the port of Umm Qasr, in southern Iraq, operating under concession by Terminal Link via its dedicated subsidiary, CCTI.

Terminal Link is the result of a joint venture between CMA CGM and China Merchant Ports (CMP), two major players in the shipping industry. Terminal Link dedicated to the ownership of operating marine terminals. Created in 2001 to own port concessions held by the CMA CGM group, the company opened up its capital to CMP in 2013. Its network currently covers the Far East, Northern Europe, the Mediterranean, West Africa and North America.

This partnership will strengthen an infrastructure that is vital to the economy of Iraq, a fragile country marked by numerous conflicts and dependence on oil. The port of Umm Qasr, existing since the 1930s, is Iraq's main gateway for the importation of essential goods, handling 60% of the country's cargo. It is the only deep-sea port suitable for containers, and the only port directly connected to the national road network. The aim of the project is to improve the current infrastructure, in order to meet the country's significant import requirements, as it undergoes reconstruction.

Proparco has agreed to provide Terminal Link a senior loan of $33 million for the modernization of the Umm Qasr port infrastructure. 

According to Sarah Morsi, Regional Director Middle East, Proparco, "We are proud to invest in such a large-scale project in Iraq and to participate in the modernization of essential infrastructure. This partnership is our third investment in the country, following the financing of telecommunications operator Zain, support for National Bank of Iraq's trade finance business and the guarantee granted to microfinance institution Vitas Iraq in 2022. It demonstrates our commitment to supporting private sector development and infrastructure modernization in the MENA region”.