TOKYO, JAPAN — The International Finance Corp. (IFC), a member of the World Bank Group, has agreed to provide $15 million in long-term financing to the International Bulk Terminal (Thilawa) Co. Ltd. (IBTT). The funds will be used to develop and operate a greenfield bulk terminal at Thilawa, one of the first bulk terminals for Myanmar.

The bulk terminal is expected to have capacity of more than 1 million tonnes, and will help reduce transport and logistics costs, support trade and increase competitiveness within Myanmar’s supply chains, the IFC said. Additionally, the Thilawa River Port is expected to be able to facilitate trade flows of wheat, animal feed and rice, the IFC said.

The total cost of the project is estimated at $65 million and will be partly covered by IBTT. IBTT was established last winter as a joint venture between Kamigumi Co., Ltd. and Lluvia Ltd. of Myanmar. At the time of its creation, IBTT said it would focus on handling grain, feed and other bulk cargo at the Thilawa region of Yangon port in Myanmar.

“As one of the first providers of specialized bulk cargo handling, this project contributes to the diversification of port services in Myanmar,” said Vikram Kumar, IFC country manager for Myanmar. “It also supports the government’s ongoing plan to increase private sector participation in port, logistics and transportation services to drive economic growth.”