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Overview

ICBC provides $40 million loan to Chinese consortium to acquire 65% ownership stake in the Kumport Container Terminal (Linked to Record ID#41405)

Commitments (Constant USD, 2023)$42,565,055
Commitment Year•2017Country of Activity•TurkeyDirect Recipient Country of Incorporation•Multiple JurisdictionsSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 20, 2017
End (actual)
Dec 9, 2015

Geospatial footprint

Map overview

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This project supported the acquisition of a 65% ownership stake in Kumport, the third-largest container terminal in Turkey. Kumport Container Terminal is strategically located on the European side of Istanbul, 22 miles west of the Istanbul Strait, on the coast of the Marmara Sea. More detailed locational information can be found at https://www.openstreetmap.org/way/321188118#map=15/40.9701/28.6858

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned companies

  • China Merchants Port Holdings Company Limited (CMPort) (formerly China Merchants Holdings (International) Company Limited (CMHI))
  • CIC Capital Corporation
  • COSCO Shipping Ports Limited (formerly COSCO Pacific Ltd.)

Implementing agencies

Private Sector

  • Kumport

Loan desecription

ICBC provides $40 million loan to Chinese consortium to acquire 65% ownership stake in the Kumport Container Terminal

Interest type•Unknown

Narrative

Full Description

Project narrative

On February 20, 2017, ICBC provided a loan worth $40 million to a Chinese consortium — consisting of COSCO Pacific, China Merchants Holdings International, and CIC Capital Corporation — for the acquisition of a 65% ownership stake in Kumport (Kumport Liman Hizmetleri ve Lojistik Sanayi ve Ticaret Anonim Şirketi), the third-largest container terminal in Turkey. The borrowing terms of the ICBC loan are unknown. The total acquisition cost of the 65% ownership stake in Kumport was $940 million. The remaining 35% is owned by Oman’s sovereign wealth fund (State General Reserve Fund). The ICBC-backed acquisition was completed on December 9, 2015. Kumport Container Terminal is strategically located on the European side of Istanbul, 22 miles west of the Istanbul Strait, on the coast of the Marmara Sea. It is capable of handling 18,000 TEU vessels, and has a maximum annual capacity of 1.84 million TEUs. At the time of the 2015 acquisition, Cosco Pacific highlighted Kumport's location as a gateway to the Black Sea and a strategic interchange between Europe and Asia, as well as potential business synergies between Kumport and the Piraeus Container Terminal in Greece.