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Nov 14, 2017 12:02 EEST
November 14 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) has said it is extending a 20 million euro ($23.4 million) senior corporate loan to Montenegro's Port of Adria [MNG:KOGE], the operator of Bar port's container terminal.
The loan aims to support the operator of Bar port, Luka Bar [MNG:LUBA], in the fulfilment of its privatisation commitments, in particular with regard to its investment and social programmes, the EBRD said in a statement last week.
Moreover, the financing facilitates investments in port infrastructure by the private sector in line with best European industry norms in terms of regulation, operational practice and service provision, allowing the company to operate on a transparent and commercially viable basis, the bank said.
The total project cost is estimated at up to 30 million euro, expected to be co-financed by Luka Bar and a commercial co-lender.
The transition impact of the project is expected to come from competitive quality through privatisation in a country with minimal private sector involvement in infrastructure, achievement of cost reduction and profitability and well-governed quality through the introduction of ISO certifications in quality, environmental and occupational health and safety areas, the EBRD said.
Port of Adria's majority shareholder is Turkish port operator Global Ports Holding, which acquired 64% shareholding interest in November 2013 in an open privatisation process. Port of Adria is a holder of a 30-year concession right to operate the container and general cargo terminals of the port of Bar.
($ = 0.854185 euro)
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