PODGORICA (Montenegro), February 26 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said on Monday it is providing a 20 million euro ($24.6 million) loan to the Port of Adria company, which operates container and general cargo terminals at Montenegro’s main seaport of Bar.
The EBRD’s financing will support the development of Bar port and is part of a wider effort to develop strategic transport connections in the Western Balkans that are crucial to the development of competitive and integrated economies in the region, the lender said in a statement.
"We are particularly pleased to see the continuous modernisation of the Port of Adria. The EBRD has previously provided important financing, and we are proud to see greater private sector participation in the delivery of much-needed infrastructure projects in the country. We are confident this will become a success story which will encourage further private investment in transport infrastructure in Montenegro and the wider region," the director for transport of Port of Adria, Sue Barrett, said.
Port of Adria is controlled by UK-based Global Ports Holding through its wholly owned subsidiary Global Liman Isletmeleri A.S. as the majority shareholder.
As part of the privatisation agreement, Global Ports Holding has committed to implementing both social programmes, such as extensive training and investment programmes. These include the rehabilitation of the pier and the acquisition of port equipment such as new cranes, industrial trucks and other vehicles for handling cargo containers as well as converting warehouses for storing refrigerated containers.
In the long term, the company is aiming to transform its terminals at the port of Bar into a hub that can be used as an intermediate destination by trucks travelling between western Europe and Turkey. The company is also planning to increase the volume of Serbian cargo as the rail link between Belgrade and the city of Bar is being refurbished.
($ = 0.813198 euro)