Global secures 20 million euro loan from EBRD to modernize its facilities

Montenegro’s Port of Adria, a majority-owned subsidiary of Global Ports Holding Plc (GPH), located in the southern coastal city of Bar, has signed a 20 million euro loan agreement with the EBRD to modernize its facilities. “This loan illustrates faith in Montenegro and our industry,” Mehmet Kutman, Chairman and Co-Founder of GPH, Turkey’s leading independent brokerage and investment banking firm, said. “We are grateful to the EBRD as a long-standing partner of GPH. This loan will help Port of Adria to install modern equipment and transform into a strong logistics hub in the eastern Adriatic region.”

The goal is long-term, Kutman added, including a plan to upgrade Port of Adria terminals so they 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 Bar is being refurbished.

A major commercial gateway in the country, Port of Adria operates container and general cargo terminals in Montenegro under a 30-year concession agreement and is a key transport link between the small Balkan nation and the rest of the Peninsula. It handles over 95 per cent of the country’s maritime freight and its development is paramount to improving cross-border infrastructure and greater regional economic integration.

Soc al and nvestment programmes

Part of a privatization agreement, GPH has alsp committed to implementing much-needed social programmes, such as extensive training and investments in local infrastructure. 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.