Port of Bar Privatisation (EBRD-49335)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Montenegro
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 13, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
JSC Port of Adria
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 23.33 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 20
Converted using 2017-11-10 exchange rate.
Project Cost (USD)
$ 35.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 30
Converted using 2017-11-10 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 28, 2019

Disclosed by Bank Nov 10, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

This project provides financing to the Port of Adria for the fulfillment of its privatization commitments, and facilitates investments in port infrastructure by the private sector

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The borrower is JSC Port of Adria, formerly known as Container Terminal and General Cargo, which operates terminals in the Port of Bar, Montenegro. The company's majority shareholder is a Turkish port operator Global Ports Holding, which acquired 64 per cent of the company's shares in November 2013 in an open privatisation process. Port of Adria is a holder of a 30-year concession right to operate the container and general cargo terminals of the Port of Bar.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

JSC Port of Adria, formerly known as Container Terminal and General Cargo, which operates terminals in the Port of Bar, Montenegro. The company's majority shareholder is a Turkish port operator Global Ports Holding, which acquired 64 per cent of the company's shares in November 2013 in an open privatisation process. Port of Adria is a holder of a 30-year concession right to operate the container and general cargo terminals of the Port of Bar.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - JSC Port of Adria Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Company Contact Information
Mr. Sedat Kara
sedat.kara@portofadria.me
+382 30 301 140
+382 30 301 105
https://www.portofadria.me/
Obala 13 jula bb, 85000 Bar, Montenegro

Mrs. Ferdag Ildir
Telephone: +90(212)244 4440
Website: http://www.globalportsholding.com/
Email: ferdagi@globalportsholding.com
Fax: +90(212)244 6047
Rihtim Caddesi No: 51 Karakoy, 34425 Istanbul, Turkey

Mr. Cevdet Akcali
Telephone: +90(212)244 6000
Website: http://www.globalportsholding.com/
Email: cevdeta@global.com.tr
Fax: +90(212)244 6161
Rihtim Caddesi No: 51 Karakoy, 34425 Istanbul, Turkey

ACCOUNTABILITY MECHANISM OF EBRD


The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.

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How it works