Translated version of this PSD: Turkish
A senior loan to Alternative Tasimacilik A.S (Alternative) to finance the acquisition of a roll-on/rolloff (ro-ro) vessel to provide international sea transportation services from Haydarpasa in Turkey to Trieste, Italy. Alternative was established in 2012 by Ahmet Musul, the founder and the majority shareholder of Ekol Lojistik A.S.
The acquisition of the vessel by Alternative will allow Ekol to increase profitability and operating efficiency through the implementation of intermodal solutions that provide cost benefits as well as strategic competitive advantages derived from having better control over schedules and availability.
The project is consistent with the EBRD's Green Economy Transition approach and is a good example of an investment promoting low carbon footprint. Ro-ro vessels form an integral part of developing the motorways of the sea by which trucks and trailers are moved off roads and are transported by sea at significantly lower carbon footprint per unit in addition to savings in time, border crossing fees and other benefits.
ALTERNATIVE TASIMACILIK AS
Alternative, a special purpose company established in Istanbul in November 2012, is 100 per cent owned by Ahmet Musul, the founder and the majority shareholder of Ekol Lojistik A.S. Ekol is currently one of the largest third-party logistics providers operating in Turkey with over 40 locations in 25 cities in Turkey and 18 locations in 9 European countries.
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
The project is categorised B under the 2014 Environmental and Social Policy. The acquisition and operation of an additional ro-ro vessel to provide international maritime logistics services is associated with limited environmental and social impacts that can readily be identified and mitigated.
The environmental and social due diligence (ESDD) will assess Ekol's performance under the existing project and ensure the technical specifications for the new vessel to be acquired are compliant with international standards of maritime safety and environment.
Ekol is the Bank's existing client and the ESDD for the proposed project will build on the findings of the due diligence undertaken for the previous project in 2014, which showed that the company's current operations and vessels meet internationally recognised maritime environmental and safety standards (including IMO, MARPOL and SOLAS). The ESDD will be based on a questionnaire to be completed by the company and following its review by the EBRD's Environmental and Sustainability Department, additional assessment may be required on specific aspects of the company's operations. A review of environmental and social risks associated with the shipbuilding will also be part of the ESDD. The current Environmental and Social Action Plan will be amended and updated as necessary to require the company and its operations to continue to comply with the Bank's performance requirements.
This project summary document will be updated to summarise the key findings and conclusions once the ESDD is completed.
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