Turkey's Asyaport gets new $12M loan from European Bank

Turkey's Asyaport, a major trans-shipment hub for cargo bound for Black Sea ports, has received the fourth loan from the European Bank for Reconstruction and Development (EBRD) for Turkey’s port infrastructure, said the bank in a statement on Monday.

"Turkey’s key trans-shipment hub Asyaport will increase its capacity and improve efficiency with a new $12 million loan by the EBRD," the statement said.

It added that the funds will co-finance the acquisition and installation of energy-efficient electric ship-to-shore cranes, electric rubber-tired gantry cranes and terminal tractors.

The new equipment will help raise the port’s berth and yard capacity during peak hours and drop vessel turnaround times, leading to more efficient handling of regional trans-shipment and domestic container traffic from industrial zones in Turkey’s northwestern Tekirdag area.

The EBRD’s loan for Asyaport is the bank’s fourth investment in Turkey’s port infrastructure this year.

Earlier in 2019, the EBRD participated in a bond issued by Mersin International Port, provided a loan for the development of the country’s first rail port by Arkas Holding, and financed the upgrade of Tekirdag port following its privatization by the Cey Group.

Asyaport is the largest trans-shipment terminal near the Bosphorus Strait.

Built in 2013-2015 with co-financing from the EBRD, it primarily serves container cargo to and from countries around the Black Sea and handles imports and exports to and from local industrial hubs.

It is a joint venture between the Global Terminals Limited, an affiliate of the Mediterranean Shipping Company, and the Turkish Soyuer family.

With 85% of Turkey’s international trade seaborne, developing ports is crucial for the country’s economy.