Mersin Port bond (EBRD-51532)

Countries
  • Turkey
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
Active
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
Feb 21, 2020
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
MERSIN ULUSLARARASI LIMAN ISLETMECILIGI AS
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
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)
$ 90.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 600.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 17, 2020

Disclosed by Bank Feb 21, 2020


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Project Description

According to the Bank's website, this project refinances the borrower's exsting bond of US$450 million, which will mature in August 2020, as well as providing additional funding for general corporate purposes through subcription to another of the borrower's bonds. 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

MIP, an existing client of the Bank, is a special purpose vehicle jointly owned by (i) PSA International ("PSA"), (ii) Australia's IFM Investors ("IFM"), and (iii) Akfen Holding A.S. ("Akfen"). Following a competitive tender process, MIP was awarded on 11 May 2007 a 36-year concession by the Turkish authorities to develop and operate Mersin Port.

It is Turkey's largest port in terms of import/export container throughput and the largest container port by total throughput. The port is well equipped to handle a range of dry bulk, liquid bulk, containers, and ro-ro cargos.

Contact Information

Company Contact 

Bertan Dogan
info@mersinport.com.tr 
+90 324 241 2900
en.mersinport.com.tr 
Mersin International Port Ismet Inönü Blv Içel Merkez/Mersin (Içel) 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.