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

Dünya Executive - - BUSINESS -

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.

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