October 25 (SeeNews) - The International Finance Corporation (IFC) said it is considering lending up to $75 million (54.3 million euro) to Turkey's Mersin Port International which is looking to expand its terminal cargo handling capacity.
Mersin Port International, owned by a consortium of Singapore-based PSA International and local investment company Akfen Holding, is looking to expand the port's capacity to 2.2 million Twenty Foot Equivalent Units (TEUs) from the current 1.8 million TEUs and is considering a eurobond issue for that purpose, IFC said in a statement on Thursday.
The expansion is planned to cater for growth and to accommodate larger container vessels of up to 13,500 TEUs. It will involve an additional berth, to be operational by early 2015, comprising a 479 m berth of 15.5 metres depth, four 23-row quay cranes, eight Electrified, Rubber-Tired Gantry cranes (ERTGs), three empty container handlers and 15 container trucks.
IFC is considering providing financing for its own account in the event Mersin Port International issues the eurobond.
Mersin Port is one of Turkey’s largest and oldest existing container and general cargo ports, located on the southeastern Mediterranean coast. PSA International and Akfen Holding were awarded the right to operate the port for a 36 year period on behalf of the Turkish government.
($=0.7234 euro)