ICTSI bags $300-M loan for port upgrades

MANILA, Philippines — Enrique Razon Jr.-led International Container Terminal Services Inc. (ICTSI) has secured a $300-million loan from the Asian Infrastructure Investment Bank (AIIB) to support the expansion and upgrade of three of its terminals in the Philippines. This deal marks the Beijing-based multilateral bank’s first nonsovereign-backed loan to the private sector in the Philippines.