China helps build new mega port in Peru

Added On May 16, 2019

 Peru will soon be one of the biggest shipping hubs in the Pacific, thanks to a new agreement with China.

Economy Report has the story.
Chinese state-owned company Cosco Shipping Ports and Peruvian mining company Volcan signed the new port agreement in Lima on Monday.
Under the agreement, the two sides will build a mega multipurpose port terminal that will turn Peru into an international logistics hub.
SOUNDBIT(Spanish): MARTIN VIZCARRA, President of Peru: 
"Not only in Peru, but throughout the continent, an investment of another magnitude was required, an investment like a port hub that can meet the demand in the country, and in all countries on the continent."
Plans for Chancay Multipurpose Port include two specialized terminals, a container terminal with 11 docks and a bulk terminal with four docks. The first stage of the project will be developed over an area of 141 hectares. Cosco will own a 60 percent share.
SOUNDBIT(Spanish): JOSE PICASSO, Chairman of Volcan Board of Directors: 
"I am convinced that the Chancay Port will serve as a platform to encourage development, drive shipments of more value-added products from Peru to the Chinese market, and deepen bilateral relations to increase the welfare of both countries.”
Chancay port will be Cosco's first major project in South America. It will be capable of receiving Triple E boats, the largest ships in the world.
The port is scheduled to be completed in 28 months and is expected to generate around nine thousand jobs.