Port of Guam Signs $2 Million Loan for Maintenance Equipment

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Early this morning, the Port Authority of Guam signed the $2 million dollar USDA Community Facility Direct Loan that will be used to fund eight yard tractors and four 5-Ton forklifts along with various terminal yard maintenance equipment for the port.

General Manager Joanne Brown says the signing of this loan agreement is yet another significant step in moving the Port forward. She says this shows the port’s commitment to addressing the need for equipment and providing port employees the resources they need to operate the seaport. The $2 million dollar loan combined with the $12 million dollar loan undertaken by the Port in December of 2012 for the purchase of the three gantry cranes as well as the $10 million dollar SLE loan represents a total of $24 million dollars invested by the Port to improve its overall facilities and operations. Brown says there are more acquisitions underway.

Brown says, “We’re very pleased today on how significant this is, why you see a lot of physical infrastructure at the port being improved. It’s also critical to invest on our manpower resources and more importantly to invest in our equipment so we hope to see better productivity and performance by the Port of Guam certainly one we acquire this new equipment. We appreciate our partners with USDA and Bank of Guam for supporting us in this endeavor and providing us the needed funds to execute the purchasing of this equipment.” 

 

With the anticipated completion of the $50 million dollar Port Modernization Project administered by the Maritime Administration by the fall of 2015, the Port will receive a combined $74 million dollar in upgrades and improvements.