Maple II (IFC-44855)

Countries
  • Turkiye
Geographic location where the impacts of the investment may be experienced.
Specific Location
Mersin
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
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
Sep 30, 2023
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
Mersin Uluslararasi Liman Isletmeciligi Anonim Sirketi (Mersin International Port)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
  • 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)
$ 50.00 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.
Loan Amount (USD)
$ 50.00 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.
Project Cost (USD)
$ 409.00 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.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 20, 2023

Disclosed by Bank Jul 18, 2023

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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.

As stated by the IFC, Mersin International Port (MIP) is the largest multi-purpose terminal in Türkiye by total throughput, providing container and conventional cargo services, as well as marine services in the southeast of the country, at the northeast corner of the Mediterranean Sea. MIP is looking to use proceeds of IFC’s financing to expand its operations by increasing its berth and yard capacity as well as installing new equipment in light of anticipated capacity constraints.

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

The IFC states that:

MIP was established in 2007, when Mersin port was privatized by the Turkish Republic State Railways, through a 36-year concession tender to operate the terminal. The current shareholder structure includes PSA International (PSA, 51%), IFM Global Infrastructure Fund (IFM GIF, advised by IFM Investors, 39%) and Akfen Holding (10%).

PSA is one of the world’s largest port operators with 60 deep sea, rail, and inland terminals, across 160 locations in 42 countries globally. Its flagship terminals include Singapore, the second busiest terminal worldwide and Antwerp, the second largest terminal in Europe. During 2022 PSA handled a total of 91m TEU and generated revenues of US$5.8bn and adjusted EBITDA of US$1.9bn.

IFM GIF is an open-ended fund invested in a diversified portfolio of over 30 infrastructure assets and is advised by IFM Investors, a global fund manager owned by 17 world-leading pension funds and 640 institutional investors, and manages institutional strategies across infrastructure, debt investments, listed equities and private capital. IFM GIF is one of the largest infrastructure investors in the world, with a strong investment track record of more than 20 years.

Akfen Holding is one of the leading players in the infrastructure sector in Türkiye and is owned by the Akin family. Akfen has investments in renewable energy, ports, airport operations, real-estate (including hospital PPPs) and mining.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Akfen Holding AS Investor Industry and Trade invests in MERSIN ULUSLARARASI LIMAN ISLETMECILIGI AS Client Infrastructure
IFM Investors Investor Finance invests in MERSIN ULUSLARARASI LIMAN ISLETMECILIGI AS Client Infrastructure
PSA International Parent Company Infrastructure owns MERSIN ULUSLARARASI LIMAN ISLETMECILIGI AS Client Infrastructure

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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - Mersin Uluslararasi Liman Isletmeciligi A.S.:

Celalettin Ökmen - Head of Finance
Phone: +90 324 241 2900
Email: cokmen@mersinport.com.tr
Address: Yenimahalle 101. Cadde 5307 Sk. No:5 33100 Mersin (Türkiye)
Website: https://www.mersinport.com.tr

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works