(Port Technology) Notarc Management Group (NMG) has announced its acquisition and finalisation of plans to complete the Panama Canal Container Port (PCCP).

The project was previously valued at $1.4 billion and is already 40 per cent complete. Construction is slated to resume by Q4 2022.

NMG is partnering with Terminal Investment Limited (TIL), an affiliate of Mediterranean Shipping Company (MSC), to manage and oversee operations of the new facility that is expected to handle 2.5 million TEU in its first few years and eventually to grow to a capacity of 5 million TEU.

“NMG’s core mission is to align with strategic capital partners, investors, and leading multinational firms in supporting and expanding innovation, technology, infrastructure, and sustainable initiatives across Latin America and the Caribbean,” said Leslie C. Bethel, CEO of NMG.

“This is our first major port initiative in Panama and sets the stage for other key investment opportunities we are pursuing across the region.”

Ammar Kannan, CEO of TIL, added: “We are delighted to be here for this special occasion and to commit to the partnership with Notarc, the Panamanian Government and, most importantly, the people of Panama. We are no strangers to Panama and our undertakings today cement our further belief that The Americas will continue to grow and prosper through the advent of trade and logistics.