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EBRD lends Port of Constanta EUR16 million
First non-sovereign backed loan in Romania's transport sector
The EBRD is lending Romania’s Port of Constanta €16 million to help construct
a new barge terminal to improve efficiency at the Black Sea’s largest port. It
is the first loan in Romania’s transport sector without a state guarantee.
The eight-year loan to the National Company Maritime Ports Administration
Constanta S.A. (MPAC) will help remove bottlenecks slowing traffic in the
port. One problem is the lack of dock space for barges once they transfer
goods – such as coal, gas, oil, metals and grain – from the Danube to the
Black Sea, leaving barges to clog the port area. A new 2,200-metre quay wall
will create berths for barges and assist convoy preparations, while a small
basin will be built to hold pushers and tugboats.
Riccardo Puliti, Director for Transport at the EBRD, in Constanta for the
signing, said the new barge terminal will help streamline port activities,
making the transport of goods along the river-maritime route more efficient,
ultimately benefiting users of the port. The project, he added, is also an
important milestone for Romania: It could pave the way for more transport
projects without a need for backing from the government.
Established in 1998, MPAC is a fully state-owned company employing around
1,100 staff. The port operates under a typical “landlord” scheme, whereby the
authorities retain regulatory functions and administer the land and
infrastructure. The private sector, however, takes responsibility for managing
and financing the operation of the ports and terminals.
Gheorghe Moldoveanu, Chairman of the Board of Administration of the Port, said
this project is very important for Constanta and for Romania, helping to keep
the country at the heart of the trading route between western Europe and the
former Communist countries, as well as Turkey. As traffic flows in the port
increase annually, Constanta must adapt and remain competitive by efficiently
managing the growing number of users, and the EBRD loan is helping to do that,
Mr Moldoveanu said.
The Dutch government contributed €530,000 to help prepare the project.
The EBRD is the largest investor in Romania, having invested around €2.5
billion in nearly 120 projects across the country. The Bank has helped
mobilise almost a further €5 billion by working with partners in sectors
ranging from banking to natural resources and municipal infrastructure to
entrepreneurial start-ups.
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