EBRD to allocate

  23 December 2014    Read: 830
EBRD to allocate
The European Bank for Reconstruction and Development (EBRD) will provide a
Alternative is a fast-growing local sea transportation firm and operates three roll-on/roll-off (ro-ro) cargo ships on long-distance Mediterranean routes linking Istanbul with the north-eastern Italian port city of Trieste. The ships, each with a capacity of 240 trailers, carry wheeled cargo such as cars, trucks, trailers or railroad cars that are driven on and off the vessel.

As part of an innovative two-stage financing model, Alternative has been chartering its ships for two years. As the route proved successful the company now intends to acquire the three vessels. With the EBRD’s help Alternative has secured the necessary long-term financing to buy the ships, according to the report.

The Bank’s €63 million investment comes under an A/B loan structure where the A-loan of €55.5 million is for the Bank’s own account and the B-loan portion of €7.5 million is syndicated to Cordiant Capital Inc, a Montreal-based infrastructure fund manager specialising in emerging markets.

EBRD started investing in Turkey in 2009 and currently operates from offices in Istanbul, Ankara and Gaziantep.

To date, the EBRD has invested almost €4.5 billion in the country in more than 130 projects in infrastructure, energy, agribusiness, industry and finance. In just five years the EBRD’s portfolio in Turkey has become one of the largest among the countries where the Bank invests.

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