Maple

completed

Mersin Uluslararasi Liman Isletmeciligi A.S., (“MIP” or “the company” https://www.mersinport.com.tr/), an existing IFC client, is one of Turkey’s largest and oldest existing container and general cargo ports, located in Mersin in the south eastern part of Mediterranean coast of Turkey. The port has been in operation for over 55 years and MIP won the right to operate the port in 2007. The company is owned by a consortium of PSA International (a leading global container terminal operator), IFM Global Infrastructure Fund advised by IFM Investors (an open ended fund invested owned by 27 major pension funds whose investment teams in Europe, North America, Asia and Australia manage institutional strategies across infrastructure, debt investments, listed equities and private capital) and Akfen Holding (a large Turkish infrastructure investment company), and was awarded the right to operate the port for a 36-year period on behalf of the Turkish Government.  IFC’s first engagement with MIP was in 2013 with an investment to support expansion efforts of the company (Project Name: Mersin Port, Project No: 33943, ESRS disclosed in October 2013, https://disclosures.ifc.org/#/projectDetail/ESRS/33943). Based on the most recent monitoring activity, the client’s environmental and social performance is satisfactory. MIP’s current annual capacity is 2.6 million Twenty Foot Equivalent Units (TEUs). MIP has a conventional cargo capacity of 10 million tons. Current general cargo operations are about 7.4 million tons per annum. The port has a total area of 120 hectares with 21 berths comprising 6 container and 15 multi-purpose berths and including 3 berths equipped with pipelines connected to storage tanks to handle liquid-bulk cargo, 2 berths with conveyor bands for handling dry bulk cargo; and one berth with pneumatic compressors for loading soda with equipment. MIP also has 12 Ship-to-Shore Gantry cranes, 38 Rubber Tired Gantries, 4 Mobile Harbor Cranes (MHC) and15 Reach Stackers. MIP also has the capacity to handle 150,000 units (ro-ro) per year. Furthermore, the port has a number of tenants, including a vegetable oil company, grain storage company, soda ash facility and a petrol station. All areas of the port come under the responsibility of MIP - as port operator. MIP also offers ancillary services including the packing of dry bulk cargo and weighing services, as well as regular ferryboat services carrying passengers between Mersin and Northern Cyprus. As part of the proposed investment, IFC has purchased US$[80] million of MIP’s US$[600] million Eurobond. The Company is looking to use proceeds of IFC’s financing to repay its outstanding Eurobond and finance opex and maintenance capex (such as expenditures for maintenance of civil works, maintenance of cranes, IT infrastructure upgrades and other essential expenses necessary to maintain its operations) (the Project).