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EBRD provides loan to Ukrainian port
27 Jan 2008
The European Bank for Reconstruction and Development (EBRD) is to provide a €26m guaranteed loan to Illichivsk Sea Commercial Port, one of the largest ports in Ukraine. The 15 year loan will help the port carry out a programme of modernisation that includes berth reconstruction, procurement of cargo handling equipment and dredging.
According to Sue Barrett, the EBRD’s Acting Director for Transport, the project fits perfectly with the Bank’s transport strategy for Ukraine. It will help in resolving a critical transport bottleneck in the region by supporting modernisation of major general cargo handling facilities in the Black Sea area.
Furthermore, it will support corporate development and commercialisation of the Port through introducing business planning, IFRS audit and strengthening of the Port’s in-house capacity in strategic development and management of its relationships with the private operators.
Technical Cooperation support for this project was provided by the European Union (EU) under a TACIS funded framework contract for technical and environmental due diligence.
Support was also provided under the EU’s 2002 Investment Preparation Facility, to assist with the corporate development of the Port.
