The project consists of building and operating a new multi-purpose/intermodal terminal in the Port of Ventspils (Latvia) to serve the demand for general cargo traffic in the Baltic Sea and to promote Ventspils as a gateway to Russia.
The project aims to support the development of an efficient, state-of-the-art, multi-purpose/intermodal terminal, enhancing the service standards offered to trading companies and shipping lines in the region through commercially operated facilities under private management and control at the port of Ventspils.
The project is expected to lead to:
Greater competition in the project sector: The new terminal will introduce efficiency, innovation and a better service for customers through modern management techniques. The continuity, reliability, and high quality of the services will enhance competition for general cargo handling, especially containers, in Latvia and throughout the Baltic Sea region.
Private ownership: The project will increase private sector involvement in the development of Latvian ports, demonstrating effective private-public cooperation at work and commercially oriented cargo-handling operations. In addition, Noord Natie will introduce high standards of corporate governance in the joint venture company, thus achieving a significant development of skills.
Noord Natie Ventspils Terminals LLC is a joint venture between Noord Natie nv and Ventplac LLC. Noord Natie nv (a Belgium-based company established in 1882) will contribute its substantial international experience in port operations, particularly the management of high-quality container terminals, as well as its established sales and marketing network.
A loan of US$ 21.2 million (EUR 19.8 million), part of which will be syndicated to commercial banks.
US$ 32.0 million (EUR 29.9 million)
This project was screened B1, requiring an environmental analysis and audit. An initial environmental site investigation identified the key environmental issues associated with the project and is the basis for the project screening. Issues such as compliance with national and EU/World Bank environmental and health and safety standards, potential environmental liabilities from past operations on site and local requirements of the relevant authorities were included. The environmental analysis and audit required for B1 projects was carried out and an Environmental Action Plan (EAP) was developed and agreed with the Port Authorities and the City Council, addressing all major issues prior to submitting the project to the EBRD’s Board of Directors. The EAP meets the Bank’s requirements and will be formally agreed with the client prior to project implementation.
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