European bank backs Turkey’s maritime industry

By Tuba Sahin

ANKARA (AA) - The European Bank for Reconstruction and Development (EBRD) provided $17.5 million loan to the operator of Tekirdag port on the Sea of Marmara, the bank said in a statement on Tuesday.

The investment aimed at improving efficiency and expanding port capacity.

The Industrial and Commercial Bank of China (ICBC) is providing an equal loan, it noted.

"The EBRD loan will partially finance the acquisition of operating rights, the modernization of the port and the expansion of its capacity, to which the company has committed under the concession agreement," the statement read.

The Tekirdag port, located in northwestern Turkey, handles general cargo, dry and liquid bulk, containers and roll-on/roll-off (Ro-Ro) vessels and serves industrial and agricultural production and trade in the region.

Ceyport Tekirdag is operating the port under a 36-year concession granted last year by the Turkish privatization authority.

Since 2009, the EBRD has invested €11.5 billion ($12.7 billion) in various sectors of the Turkish economy. Over half of this investment is to promote sustainability and the rational use of energy.