The China-led Asian Infrastructure Investment Bank (AIIB) has greenlit a $300-million loan supporting capital expenditures (capex) for the improvement and expansion of three local ports operated by tycoon Enrique K. Razon Jr.’s International Container Terminal Services Inc. (ICTSI).

The latest AIIB documents showed that the Beijing-based multilateral lender approved the non-sovereign transport financing last March 25.

Dubbed “Project Crane,” ICTSI’s loan aims to improve regional and global trade links by expanding and upgrading the terminals it operates, making them more efficient, capable, and sustainable, the AIIB said.

According to the AIIB, the project involves up to $300 million in non-sovereign-backed financing through a senior unsecured corporate loan to ICTSI.

While ICTSI is a global port operator with 34 terminals across 20 economies, this loan will fund capital spending for its terminals in the Philippines, its home base.

The loan proposal was first pitched by ICTSI to the AIIB last year, with approval secured this year.

In an earlier Jan. 22 document, the AIIB said the loan proceeds are expected to boost annual container throughput at Bauan International Port (BIPI) in Batangas province and Mindanao International Container Port (MICP) in Misamis Oriental province for shipments to destinations outside the Philippines, while also improving average berth productivity at both ports.

The project also aims to reduce greenhouse gas (GHG) emissions at BIPI and MICP and expand container handling capacity at these ports, as well as at Manila International Container Terminal (MICT).

The financing will also support the purchase and operation of electric ship-to-shore (STS) cranes at MICT and promote gender inclusivity by increasing the percentage of newly hired port staff who are women at BIPI and MICP.

ICTSI is raising its 2026 capex by 14 percent to $740 million, primarily to fund expansions at its Philippine, Australian, Brazilian, Congolese, Ecuadorian, Honduran, and Mexican terminals, as well as equipment upgrades and maintenance.

It reported a strong 2025 performance, with consolidated net income rising 23 percent to $1.05 billion, reflecting double-digit growth in volume, revenues, earnings before interest, taxes, depreciation, and amortization (EBITDA), and net income across its diversified global portfolio.

“Looking ahead, we remain confident that we can capitalize on the opportunities across our markets. With a robust balance sheet, healthy pipeline of strategic expansions and deep bench of operational talent across our terminals, ICTSI is well positioned to continue executing our long-term strategy and create sustainable value for our shareholders,” said Razon, ICTSI chairman and president, early this month.