The project involves the Bank’s participation in the newly issued ordinary shares in Global Ports Holding (GPH), or Global Liman Isletmeleri AS, as it is formally known in Turkey. The proceeds of the Bank’s investment in the shares of the company will be used to finance future investments in other ports or port terminals in countries where the EBRD invests.
The project is expected to support the company preparing for IPO which is expected to help deepening capital market access for transport infrastructure operators in Turkey, where financial institutions account for almost half of the market capitalisation on Borsa Istanbul
The transition impact of the project will be derived from the company’s expansion into international markets, which will increase port interconnectivity and passenger flows. In addition, the company will implement an Environmental and Social Action and Plan as well as a Corporate Governance Action Plan, which goes beyond current practice in Turkey and will demonstrate higher standards of corporate governance to other companies in Turkey and the wider region.
The project will also generate demonstration effect by supporting the company’s preparation for IPO which could be one of the first IPOs by a Turkish infrastructure company, and in doing so establishing new ways of financing transport infrastructure in Turkey.
Global Ports Holding a wholly owned subsidiary of Global Investment Holdings (Global Yatirim Holding AS) in Turkey.
Up to €53.4 million in Turkish-lira equivalent.
Up to €53.4 million in Turkish-lira equivalent.
Environmental and social categorisation, impact, and mitigation
Categorised B. The equity investment could potentially have environmental and social risks associated with the current operations and future investments.
An environmental and social audit of the existing operations and facilities was undertaken by an independent consultant in line with the IFI requirements in 2014. This due diligence report was updated based on the current activities and operations to determine compliance with national legislative requirements and any measures to bring the company into compliance with the Bank’s Performance Requirements (PR).
Environmental and social due diligence identified a number of requirements to be addressed at the corporate level which have been included in the Environmental and Social Action Plan (ESAP). These include the need to assign clear responsibility for environmental, social and health and safety (ESHS) performance of all GPH ports to a member of the corporate management team and the requirement for new developments or investments to be subject to an environmental and social assessment in line with the Bank’s PRs. Should any investments be categorised as a Category A project, an Environmental and Social Impact Assessment (ESIA) shall be prepared in line with the Banks PRs. In addition there are requirements to assess climate change risks on ports operation and to develop a Corporate Stakeholder Engagement Plan.
Environmental, health and safety, and human resource (for labour and working conditions) policies and procedures have been developed at the port level and the management of these is the responsibility of the general managers of the ports, on a port by port basis.
Since taking over management of Montenegro’s Port of Bar, the company has implemented a staff optimisation programme with voluntary redundancies and in consultation with the trade union. In line with the ESAP any future retrenchment will be compliant with the EBRD’s PR 2.
There are also a number of health and safety improvements needed at the Port of Bar such as the need for risk assessments, testing of equipment and electrical installations and examination of work conditions.
Site specific ESAPs have been prepared for each of the ports in the company’s portfolio to structure site operations to meet the Bank PRs. Examples of actions include: the implementation of health and safety requirements; development of human resource-related procedures and improvements to the storage and handling of materials and waste management.
The company will be required to submit annual environmental and social reports to the Bank.
For Category A projects, this section will need to be updated on an annual basis.
Mr. Saygın Narin – CEO
Tel: +90 212 244 44 40 // Fax: +90 212 244 60 47
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