$10M loan to address wharf repairs - KUAM.com-KUAM News: On Air. Online. On Demand.

$10M loan to address wharf repairs

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by Sabrina Salas Matanane

Guam - For the first time in decades, the Port Authority will be able to make repairs to its F-5 Wharf.  The agency obtained a $10 million commercial loan from the Bank of Guam to address the much needed repairs to the wharf and add additional capacity to its operations.  By summer of next year, the port will have seen more than $70 million in upgrades and improvements, but that's not all. 

Port general manager Joanne Brown said, "Earlier this week Maria Taitano and her team in finance and administration put together a packet that we are looking to apply for a $2 million loan with USDA to purchase additional yard equipment that has not happened, governor, in about 12 years."

Next week port officials will gather for the groundbreaking of the third and final phase of its port modernization project for the remainder of the $27 million in Maritime Administration funding.

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