Istanbul, Turkey, December 19, 2019 —IFC, a member of the World Bank Group, has provided an additional $12 million loan to Asya Port Liman A.S. (Asyaport) to help increase its container-handling capacity and improve operational efficiency. This financing enhances Turkey’s competitiveness and connectivity with world markets as Asyaport is an important infrastructure asset for Turkey and regional Black Sea economies. The loan to Asyaport is the second IFC financing to the Turkish port sector in six weeks, following IFC’s $80 million anchor-investment in the $600-million Eurobond issued by Mersin International Port (MIP) in November.
Asyaport—the largest transshipment terminal near the Bosphorus Strait—is jointly controlled by Soyuer Group and by TiL Group through Global Terminal Limited. The latter is an affiliate of Mediterranean Shipping Company (MSC), a global partner of IFC. It has developed into a regional hub that primarily serves container cargo to and from the Black Sea economies and increasingly handles import and export cargo to and from Turkish local markets. Together, these two IFC investee ports handled more than 26 percent of the country’s container traffic in 2018, making valuable contributions to Turkey’s trade flows, economic growth, and employment.
IFC’s loan to Asyaport will support acquisition and installation of additional electric ship-to-shore cranes, electric rubber-tired gantry cranes, and terminal tractors, which will alleviate existing constraints and increase the port’s berth and yard capacity during peak hours. The new equipment is expected to decrease vessel turnaround times, increase berth and yard productivity, and lead to more efficient handling of regional transshipment and domestic container traffic from industrial zones in the Tekirdağ region.
Asyaport has been an IFC investee company since 2013, when IFC provided $75 million to support greenfield construction of the port and for purchase and installation of equipment. Construction was completed in 2015 and the port has operated successfully since. IFC financing is helping both Asyaport and MIP to maintain high-quality port services, better serve growing regional container traffic, and keep pace with technological advancements as the global shipping industry moves towards the deployment of larger vessels.
“IFC is committed to supporting the further sustainable development of port infrastructure in Turkey,” said Arnaud Dupoizat, IFC Country Manager, Turkey. “These facilities are essential assets to enable the country to further increase its competitiveness and connectivity with world markets.”
Over the past ten years, IFC has supported the MSC Group with ten port investments and IFC financing totaling over $400 million in five emerging markets. Furthermore, IFC helped MSC become a leader in green, climate-friendly shipping practices. Globally, IFC is a leading port financier in emerging markets, having financed almost 70 port investments around the world.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities where they are needed most. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
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