Ecuador to probe port concession

Ecuador’s National Assembly has launched a probe into a $750m port concession amid concerns of delays in the delivery of the project.

The economic policy committee within Ecuador’s National Assembly is to look into the Puerto Bolívar concession, after Social Christian lawmaker Patricia Henríquez raised concerns that only 36% of works have been completed since operations began nearly two years ago.

Awarded to Yilport Ecu in May 2016 and signed that August, the project involves the design, expansion, financing, operation and maintenance of the port for 50 years.

However, the first phase of dredging works only began earlier this year.

Henríquez suggested that it would be beneficial to know the internal audit processes as well as the reasons that led to high operational costs.