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Overview

ICBC provides $30 million loan for Kocaeli Railport Terminal Project

Commitments (Constant USD, 2023)$31,139,625
Commitment Year•2019Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeyOverseas Jurisdiction•TurkeySector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 9, 2019
Last repayment (originally scheduled)
May 6, 2031

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The project constructed Railport in Kocaeli province, Turkey. More detailed locational information can be found at https://www.openstreetmap.org/way/150063788#map=15/40.7197/29.8625

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • ICBC Turkey Bank A.Ş.

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Railport Terminal Isletmeleri A.S

Loan desecription

ICBC provides $30 million loan for Kocaeli Railport Terminal Project

Interest type•UnknownMaturity•12 years

Narrative

Full Description

Project narrative

On May 9, 2019, Railport Terminal Isletmeleri A.S. — a special purpose vehicle and joint venture of Limar Liman ve Gemi Isletmeleri A.S. ("Limar") (65.6% equity stake), Arkas Holding A.S. ("Arkas") (1.0% equity stake) and Duisburger Hafen Aktiengesellschaft ("Duisport") (33.3% equity stake) — signed a $30 million senior secured amortizing term loan agreement with the EBRD and a $30 million senior secured amortizing term loan agreement with ICBC for the Kocaeli Railport Terminal Project. These loans carry 12-year maturities (final maturity date: June 20, 2031). This $86 million project involves the design, construction, equipment and operation of an inland intermodal logistics terminal in Kocaeli, Turkey. An innovative business concept in Turkey's transport sector, the Railport will be located in the Kocaeli province of Turkey, a major industrial hub. It will service industries located within the Ankara, Bilecik, Bolu, Bursa, Duzce, Eskisehir, Kocaeli, Sakarya and Yalova regions. The terminal will have an annual capacity of 105,000 twenty-foot equivalent units (TEU) and 500,000 tonnes general cargo after implementation of the Phase 1 of the Railport. This capacity will be realised on a terminal area of 26.5 hectares, with 5,000 square meters of warehouse storage capacity. The project involves the development of an intermodal hub for freight transport within Turkey and will facilitate freight rail transport within Turkey and between Asia and Europe, as well as among European, Balkan and Central Asian countries.

Staff comments

1. Limar Liman ve Gemi Isletmeleri A.S. was founded in 1996 and is the port and terminal operator affiliate of Arkas Holding S.A., providing port services to importers and exporters as well as scheduled container lines. Duisport is the owner and managing company of the Port of Duisburg in Germany. Duisport offers custom-made solutions through its infrastructure and superstructure, logistics services and packaging logistics business segments from individual rail transport services to establishment and building management as well as comprehensive consulting services. 2. AidData has coded the ICBC loan as collateralized since it is referred to a ‘secure’ loan.