MANILA – A US$300-million (about P18.6 billion) loan from the Asian Infrastructure Investment Bank will finance the expansion and modernization of three container terminals operated by International Container Terminal Services, Inc. in the Philippines.

ICTSI said the senior unsecured corporate loan is the bank’s first non-sovereign-backed financing in the country and will be used to upgrade the Manila International Container Terminal (MICT), the South Luzon Container Terminal (SLCT) in Batangas, and the Mindanao Container Terminal (MCT).

The company said the project is expected to increase container throughput capacity, improve berth productivity, and support broader economic growth.

It also includes plans to acquire fully electric quay cranes and replace diesel-powered yard equipment to help reduce greenhouse gas emissions from operations.

“The project will increase MICT’s capacity to 3.7 million TEUs (Twenty-Foot Equivalent Units) by 2027, MCT’s capacity to around 1 million TEUs by 2028, and SLCT’s capacity to 800,000 TEUs by 2028,” ICTSI said.

ICTSI chair and president Enrique Razon Jr. said the financing supports the company’s expansion and sustainability initiatives.

“We value AIIB’s shared commitment to long-term value creation, inclusive economic growth, and responsible business practices, and as such, look forward to strengthening our partnership and accomplishing more together,” he said.

AIIB president Zou Jiayi said the project reflects the type of partnerships the bank aims to pursue as it enters its second decade.

“This transaction demonstrates how AIIB can support infrastructure development by deploying innovative financing instruments and working closely with global operators who have the scale and execution capacity to deliver impact for the people we serve. We look forward to deepening this strategic relationship,” she said.