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Monday, 16 December 2013

AsyaPort gets EBRD and IFC loans

The European Bank for Reconstruction and Development (EBRD) today announced that it is providing a $92 million loan for AsyaPort, a new container terminal which it says is set to become Turkey’s first transshipment hub.

The International Finance Corporation (IFC, the private sector arm of the World Bank) and Turkiye Is Bankasi will contribute parallel loans, of $69 million and $106.6 million, respectively.

The new container terminal is to be built some 130km west of Istanbul, on the Sea of Marmara. Located in the town of Barbaros, Tekirdag province, it will be able to handle vessels up to 18,000 TEUs and will have an annual handling capacity of 1.9 million TEUs.

Large vessels cannot pass the Bosphorus, which can only accommodate ships of up to 6,500 TEUs. AsyaPort will receive cargo which will then be transported by smaller vessels to the Black Sea ports. The EBRD says that this will reduce transportation costs, increase efficiency, and improve the safety of operations on the congested Bosphorus.

AsyaPort will be built and operated by the special purpose company AsyaPort Liman, which is 70% owned by Global Terminal Ltd (GTL), which itself is owned by TIL, the terminal operating subsidiary of MSC. The remaining shares are owned by members of the Soyuer family.

The total cost of the AsyaPort project is estimated at approximately $400 million.

Sue Barrett, director for transport at the EBRD, said: “With Turkey’s international trade mostly seaborne, investing in maritime infrastructure is crucial in boosting growth. We are pleased to finance what will become the country’s first transshipment hub and one of its largest container terminals. AsyaPort will promote more efficient logistics and transshipment operations in Turkey and the entire region.”

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