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

In 2015, 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.

Number of official sources

6

Number of unofficial sources

2