PODGORICA (Montenegro), February 16 (SeeNews) – Montenegrin company Port of Adria, the operator of Bar port's cargo terminal, said it has purchased a mobile crane with the support of the European Bank for Reconstruction and Development (EBRD).
The crane costs 6.4 million euro ($6.8 million) and its acquisition represents one of the last stages in the obligatory investment programme agreed with the Montenegrin government, Port of Adria, owned by Turkey's Global Ports Holding (GPH) said in a statement on Wednesday.
The obligatory investment programme will be completed after the reconstruction of the southern dock of Pier 1, which will begin shortly and will involve an investment of 3 million euro, Port of Adria said.
Port of Adria had carried out 11 investments with a total value of 10.4 million euro before the acquisition of the crane and has already received a building permit for the reconstruction of the southern dock, executive director Sedat Kara said in the statement.
In September 2015, the EBRD acquired a 11% stake in the capital of GPH. Back then, the lender said that GPH will use the proceeds of the transaction to finance the company’s future investments in ports in countries in which the EBRD invests.
GPH is an arm of Global Yatirim Holding AS, which operates in the infrastructure, real estate, energy and financial services sectors in Turkey.
The Montenegrin government sold a 62% stake in Bar port container and general cargo terminal operator KTGT to GPH for 8.08 million euro in November 2013. The investor pledged to invest 13.5 million euro within three years after the transaction. Following the three-year restructuring period, the Turkish company is obliged to provide a further 7.6 million euro in investments and 6.5 million euro to implement a social responsibility programme.
($ = 0.940561 euro)