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Manila Bulletin devider Business devider The Stock Market devider ICTSI lands AIIB's first private Philippine loan for port expansion

ICTSI lands AIIB's first private Philippine loan for port expansion

Published May 20, 2026 04:57 pm
AIIB to lend ICTSI $300 million to expand port connectivity, drive green transition in the Philippines. From left: Manuel V. Pascua, ICTSI chief financial officer and chief risk officer; Christian R. Gonzalez, ICTSI executive vice president; Enrique K. Razon Jr., ICTSI chairman and president, Zou Jiayi, AIIB chair and president; Najeeb Haider, AIIB global director general, project and corporate finance clients; and Yong Zhou, AIIB chief officer, office of the president.
AIIB to lend ICTSI $300 million to expand port connectivity, drive green transition in the Philippines. From left: Manuel V. Pascua, ICTSI chief financial officer and chief risk officer; Christian R. Gonzalez, ICTSI executive vice president; Enrique K. Razon Jr., ICTSI chairman and president, Zou Jiayi, AIIB chair and president; Najeeb Haider, AIIB global director general, project and corporate finance clients; and Yong Zhou, AIIB chief officer, office of the president.

Razon-led International Container Terminal Services Inc. (ICTSI) has secured a $300-million loan from the Beijing-based Asian Infrastructure Investment Bank (AIIB) to support the expansion and upgrade of three container terminals across the Philippines.

In a statement on Wednesday, May 20, ICTSI said the senior unsecured corporate loan—the AIIB’s first non-sovereign-backed transaction in the Philippines—was signed during a ceremony attended by ICTSI Chairman and President Enrique K. Razon Jr. and AIIB President Zou Jiayi as part of her first visit to the Philippines.

As Manila Bulletin earlier reported, the AIIB approved this non-sovereign transport financing dubbed “Project Crane” last March 25.

The loan will support technology-enabled infrastructure upgrades at Manila International Container Terminal (MICT); South Luzon Container Terminal (SLCT), currently under development in Batangas province; and Mindanao Container Terminal (MCT).

Together, the investments are expected to increase annual container throughput capacity, improve berth productivity, and contribute to the Philippines’ economic growth.

The financing will also support the purchase of fully electric quay cranes and the replacement of diesel-powered yard equipment, which will reduce greenhouse gas (GHG) emissions from terminal operations.

The project will increase MICT’s capacity to 3.7 million twenty-foot equivalent units (TEUs) by 2027, MCT’s capacity to around one million TEUs by 2028, and SLCT’s capacity to 800,000 TEUs also by 2028.

“ICTSI represents exactly the type of partnership the AIIB aims to build as the bank enters its second decade,” Zou said.

She added that, “This transaction demonstrates how the 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.”

Razon, meanwhile, said, “ICTSI welcomes this promising partnership with the AIIB, which supports our expansion and sustainability initiatives. We value the 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.”

The AIIB is a China-backed multilateral development bank (MDB) dedicated to financing “Infrastructure for Tomorrow,” with sustainability at its core.

It began operations in 2016 and now has 111 approved members worldwide.

The lender is capitalized at $100 billion and is AAA-rated by major international credit rating agencies.

The AIIB collaborates with partners to mobilize capital and invest in infrastructure and other productive sectors that foster sustainable economic development and enhance regional connectivity. - James A. Loyola

Related Tags

International Container Terminal Services Inc. Enrique K. Razon Jr. Asian Infrastructure Investment Bank (AIIB) Zou Jiay
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