Please note: PSD updated 10 September 2019
Translated version of this PSD: Turkish
The provision of an additional commitment in the amount of up to USD 15 million for the acquisition of cranes/equipment to increase the quay capacity of the terminal.
Previously, a loan agreement in the amount of USD 92 million between EBRD and Asyaport Liman A.S. ("Asyaport") was signed on 16 December 2013 to finance the construction and operation of a deep sea container terminal, located in the town of Barbaros, Tekirdag. The Project Summary Document was originally disclosed on 9 September 2013.
The transition impact of the project stems from following qualities:
1. Competitive: By supporting a further increase in container handling capacity and efficiency of the terminal, the project will contribute to reducing the current bottlenecks and improving the quality of port services in the Bosphorus and the wider Black Sea region. It will contribute to increased operational performance of the terminal as improvements in ship turnaround times and road vehicle turnaround times are expected. The project will also promote meaningful energy efficiency improvements, such as a reduction of electricity consumption while operating the cranes.
2. Well-governed: The project will support the client's efforts to achieve higher transparency, as it will disclose the results of carbon footprint measurements and greenhouse gas monitoring on its corporate website.
ASYAPORT LIMAN AS
Asyaport is a joint venture between Global Terminal Limited (70%) and the Turkish Soyuer family (30%). Global Terminal Limited is a Terminal Investment Limited Holding company, the terminal operating subsidiary of Mediterranean Shipping Company ("MSC"), the world's second largest shipping company.
The additional commitment will comprise a senior loan facility of up to USD 15 million.
The total project cost (including theproject extension of up to USD 32 million) will amount to USD 432 million.
The project has been categorised B in accordance with EBRDs 2014 Environmental & Social Policy. Environmental and social risks related to acquisition of new terminal equipment, which will lead to quay capacity increase by 0.1 TEU are site specific and can be managed by appropriate mitigation measures. The Bank is familiar with the Company's operations through financing of the development of the terminal in 2013, which was subject to an independent ESDD and national EIA. Asyaport has been implementing the Environmental and Social Action Plan ("ESAP") agreed with the Bank in 2013 and reporting on the environmental and social performance has been satisfactory.
The environmental and social due diligence ("ESDD") for the current transaction was based on the review of the terminal operations undertaken by ESD in 2019. The ESDD confirmed that planned capex will be carried out within the boundaries of the sites covered by previously issued Environmental Permits and will not result in exceedance of the overall throughput as stipulated in the relevant decisions. ESDD also confirmed that the Company operates in line with national legislation and EBRD performance requirements, although some improvements are required to achieve good international practice, particularly in relation to H&S.
The Company has implemented certified management system covering health & safety, environment and energy management and holds environmental permits in relation to process waste water discharge and regularly monitors discharge quality. Hazardous substances management, waste management and overall housekeeping at site have been assesses as of high standards. The Company maintains and tests regularly an Emergency Response Procedures. Health and safety performance is satisfactory with no serious accidents in the past 3 years, however review of practices on site resulted in a number of improvements required particularly in relation to traffic management on site, H&S induction, use of PPE, H&S arrangements for contractors (lashers) and overall strengthening of H&S management team.
The Company employs over 500 workers. The Company has formalised human resources policies as per Performance Requirement2.
An ESAP has been developed for the Project and focuses on strengthening E&S management capacity and improvements to H&S practices on site. The Bank will continue to closely monitor operations of the Company and its environmental and social performance and amend the ESAP as required.
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