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Second mega port project in Limon receives support from the Government

NOVEMBER 13th 2014

Government enables conditions for starting the process and procedures to drive advances in government trust fund that would allow early development of the new mega terminal for container transshipment by the company America's Gateway Development Corporation (AMEGA LTDA) in Moin.

Construction cost will be around US$ 900 million.

San Jose Costa Rica, November 13, 2014. The Government of the Republic expressed today its understanding and support for the proposed development of a new mega terminal for container transhipment presented by the company America's Gateway Development Corporation (AMEGA LTDA). The project to be developed in Moin, represents an investment of about US$900 million and the generation of hundreds of new jobs for the population of Limon.

The Mega Terminal for Container Transshipment in the Atlantic (MTA) would be developed under the concept of Public Works Concession by Private Initiative, for which "the government has made progress in the formalities for entering the trust function, and necessary processes allowing the company to start with the first steps of its development", said Minister of Foreign Trade, Alexander Mora.

The MTA would become one of the most important infrastructures and investments in Costa Rica, and the second mega project that would take place in the province of Limon, specifically in the Bay of Moin.
According to Luis Guillermo Solis, President of Costa Rica, the MTA shall be developed in strict accordance with national legislation and hopefully it will become one of the leading projects transforming the province of Limon.

"More than ever we have been opening the spaces to create greater opportunities for development and quality work for the people of Limon. A project of this magnitude represents a strategic asset for Costa Rica and a powerful booster of social and economic development for the Caribbean Region. The project will strengthen the position of Puerto Limon as one of the main ports of Latin America, it will diversify its production activities in the area of services and generate formal and quality jobs. Our support to this project demonstrates the commitment of my government to the province and to Puerto Limon", the President said.

Costa Rica will become a prominent hub for commerce and marine logistics

According to Mora, this investment will strengthen the country as a major player in global trade logistics, as well as taking advantage of the Panama Canal expansion, due to the proximity and strategic position of Puerto Limon, in relation to the maritime routes that use it.

"Getting Costa Rica to account with a world class port infrastructure is a central condition to sustain our development and take advantage of trade and investment as enablers. The opportunities arising from the expansion of the Panama Canal are many in terms of trade, investment and multiple activities of support, so everyone in the country should support the development of these projects that allow us to strengthen them while they become potential contributors to the development of Limon, "said Mora.

The MTA is an international terminal where large vessels transiting the Panama Canal -once expanded- can transfer the containers to smaller boats, so that they can access the ports on the east coast of the United States, Latin America and the Caribbean, without facing restrictions of depth and congestion. The MTA will also allow the transfer of containers from smaller to larger vessels.

The Costa Rican Investment Promotion Agency (CINDE) has had approaches with the company for details of the proposed FDI project. CINDE has also supported the Ministry of Foreign Trade for the momentum of the first steps required in the process of project development.

America's Gateway Development Corporation (AMEGA LTDA) is a subsidiary and belongs entirely to AMEGA Barbados Holdings Inc. This special Canadian, American and Costa Rican company has experts in the field of terminal developments, maritime operations, engineering, environment, information technology, security, legal experts, and logistics worldwide.