EBRD finances$12m to upgrade Asyaport in Turkey
Turkey’s key trans-shipment hub Asyaport will increase its capacity and improve efficiency with a new US$ 12 million loan by the EBRD. The International Finance Corporation (IFC), a member of the World Bank Group, is providing a loan in an equal amount for this investment.
The funds will co-finance the acquisition and installation of energy-efficient electric ship-to-shore cranes, electric rubber-tired gantry cranes and terminal tractors.
The new equipment will help increase the port’s berth and yard capacity during peak hours and decrease vessel turnaround times, leading to more efficient handling of regional trans-shipment and domestic container traffic from industrial zones in Turkey’s Tekirdağ region.
Asyaport is the largest trans-shipment terminal near the Bosphorus Strait. Built between 2013 and 2015 with co-financing from the EBRD, it primarily serves container cargo to and from countries around the Black Sea and increasingly handles import and export cargo to and from local industrial hubs. It is a joint venture between Global Terminals Limited (GTL), an affiliate of the Mediterranean Shipping Company (MSC), and the Turkish Soyuer family.
The EBRD’s loan for Asyaport is the Bank’s fourth investment in Turkey’s port infrastructure in 2019. Earlier this year the EBRD participated in a bond issued by Mersin International Port; provided a loan for the development of the country’s first railport by Arkas Holding; and financed the upgrade of Tekirdağ port following its privatisation by the Cey Group.
With 85 per cent of Turkey’s international trade seaborne, developing ports is crucial for the country’s economy. Enhanced maritime infrastructure also plays a key role in directing a larger share of cargo from roads towards railways and shipping lines, which are more environmentally friendly alternatives.
The EBRD is a leading institutional investor in Turkey and has invested almost €12 billion in 302 projects in the country since 2009. The overwhelming majority of EBRD investments are in the private sector.