The Cuban Port of Mariel has lost its largest investor, Brazilian construction company Odebrecht SA. Brazil has already invested US$832M in the initial development phase of the port, involving construction of a container terminal and the dredging of the access channel.
The Brazilian National Bank for Economic and Social Development (BNDES) suspended finance worth US$3.6B for a raft of 16 Latin American infrastructure projects, including loans made to Odebrecht, following the publication of a report by the Latin American Newspapers Group (GDA).
Odebrecht was already caught up in the Lava Jato (Car Wash) corruption investigation by Brazil’s federal police. Company president Marcelo Odebrecht was arrested in June 2015, in connection with a Petrobras bribery scandal.
The Mariel project was one backed by Cuba’s president Raúl Castro when he assumed office in 2008. The port, located west of Havana, is part of a designated Special Development Zone (SDZ) that aims to draw in foreign direct investment to help boost the Cuban economy.
Cuba is now looking to Chinese firms to invest in the SDZ, including biotechnology and pharmaceutical businesses.
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This complete item is approximately 300 words in length, and appeared in the February 2017 issue of WorldCargo News, on page 9. To access this issue download the PDF here.
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