Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

07 Sep 2004



PSD disclosed:

19 Apr 2004

Project Description

The proposed project is to support the National Company Maritime Ports Administration Constatza S.A. (the Client) in the construction of a barge terminal in the Port of Constanta. The new terminal will allow the Client to streamline the barge operations and achieve higher operational efficiency. The Bank finance is to be provided directly to the Client without a sovereign guarantee. If successful, this operation would represent the first commercial funding by a state-owned enterprise in the Romanian transport sector.

Transition Impact

Major transition impact from the Project consists of:
(i) Demonstration of financing a public sector borrower without a sovereign guarantee. If successful, this operation would represent the first commercial funding by a state-owned enterprise in the transport sector in Romania. The developed scheme could be replicated to other public sector borrowers which are financially sound enough to consider commercial finance. The government support under preparation would help the Client cope with cash flow volatility.
(ii) Improved self-financing capability and higher financial autonomy of the port sector. The Project preparation is linked with the introduction of the new tariffs, which will align the Client’s tariff system with those adopted by many western ports. This will enable the port to generate extra funds for its future capital expenditures and enhance the self-financing capability of the Client, who had been dependent on the Government budget allocation for major capital expenditures.

The Client

National Company Maritime Ports Administration Constatza S.A., a 100% state-owned joint stock company in charge of the administration of the Port of Constanta. The government of Romania is expected to provide certain undertakings as the sole shareholder of the Borrower.

EBRD Finance

A senior non-sovereign corporate loan to the Client of up to € 16.0 million. The Bank will finance about 60% of the Project investment cost. The remaining 40% is expected to be funded by the Client through its internally generated cash flow.

Project Cost

€ 26 million

Environmental Impact

Environmental Annex
In January 2004 the Bank's Environmental Specialist visited the port to conduct an Initial Environmental Examination (IEE) in order to determine any potential environmental risks and opportunities, consultation requirements and classification of this project.
Discussions were also undertaken with the Environmental Protection Agency regarding the Ministry of Water & Environment Protection requirements. The site visit confirmed that the location is not sensitive and there are unlikely to be significant environmental issues associated with the barge terminal construction. The project was therefore screened as B/1 requiring an Environmental Analysis.  To ensure compliance with existing national and international environmental protection legislation, the Port has engaged independent environmental consultants to conduct an Environmental Impact Assessment.
The EIA will address both impacts and mitigation during construction and operation of the barge terminal along with conservation issues. Public consultation will be arranged to satisfy the local requirements, and a summary of relevant environmental issues and mitigation measures will be released locally. This will also build on a separate Environmental Impact Assessment Study of the entire port which was conducted in November 2001.
The results and recommendations of the EIA, Including a monitoring programme, will be taken into account in the Bank’s legal agreements.
As part of wider Port Commercialisation Enhancement Programme separately prepared for the Ministry of Public Works, Transport and Housing in 2001, an environmental action plan (including health and safety issues) has been developed to address key environmental risks and the provision of good environmental management.  
A range of environmental related projects are currently being implemented to ensure future improvements throughout the port, in particular those related to Marpol Convention 73/78; the Strategic Action Plan for the Rehabilitation and Protection of the Black Sea and the EU Directive on port reception

Technical Cooperation

  • Romanian Ports Commercialisation Enhancement Programme (€ 320,234) funded under the EU Phare Programme for the Ministry of Transport of Romania. 
  • Due Diligence and Project Evaluation (€ 150,000), call off under the Phare Transport Team Framework Contract.
  • Detailed Engineering Design and Procurement Assistance (€ 450,000) to be funded by the Dutch government for the Borrower.

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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