Port of Bar Privatisation (EBRD-49335)

Regions
  • Europe and Central Asia
Where the impacts of the investment may be experienced.
Countries
  • Montenegro
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
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 13, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
JSC Port of Adria
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 23.33 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. 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, converted to USD$. Please see updated project documentation 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

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
  • European Bank for Reconstruction and Development (EBRD)

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

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.

Contact Information

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.