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Odesa  >  News  >  Maritime Sector
EBRD lends $37 million to Odesa Terminal Holdco Ltd
Aug 28 2009, 17:38

ODESA, AUGUST, 28th, 2009, CONTEXT-PRICHERNOMORIE EBRD intends to provide a loan amounting to 37 million US dollars to Odesa Terminal Holdco Ltd operating on the territory of the Commercial Sea Port of Odesa, Context-Prichernomorie correspondent reports.

The agency was informed about it today 28 August at the press-service of the bank.

According to their press-service, the project is to support container handling and logistics development in the port of Odesa.

They informed, the EBRD is continuing to support the development of transport infrastructure in Ukraine with a 37 million US dollars loan to finance the development of a new container terminal in Odesa, the largest port in Ukraine. The project is implemented by Odesa Terminal Holdco Ltd. (OTHL) and its subsidiary Brooklyn-Kiev Port LLC, the operator of the terminal.

EBRD funding will increase the container handling capacity and promote development of logistics at this major Black Sea port and encourage private sector investment in development of the port infrastructure in Ukraine, the press-service added.

In addition to the loan, the EBRD is acquiring five per cent of the shares in OTHL, which is owned by the French company CMA-CGM, the third largest container shipping group in the world, and Brooklyn-Kiev group of companies.

With this project, the total commitments of the EBRD to support the development of Ukrainian transport infrastructure sector will reach EUR 700 million.

Sue Barrett, the EBRDs Director for Transport, said: The EBRD supports this important project for Ukraine, backed by a key international player in the container business and successful Ukrainian entrepreneurs. The project is in line with the Banks strategy for Ukraine, a key priority of which is improving efficiency and reliability of transport infrastructure. This is the Banks first investment in a privately financed port facility in Ukraine and we are ready to support more private involvement in this sector bringing much needed expertise, capital and efficiency to modernise the countys infrastructure.

The European Bank for Reconstruction and Development is the biggest financial investor in Ukraine. As of 1 July 2009, it had committed EUR 4.3 milliard through 179 projects. This year it expects to invest over EUR 1 milliard in Ukraine compared with EUR 879 million in 2008.

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