Istanbul, Turkey, August 13, 2013—
IFC, a member of the World Bank Group, has invested $66 million in a seven-year
$450 million Eurobond issued by Turkey’s Mersin International Port (MIP)—the
first ever infrastructure bond in Turkey.
IFC’s involvement in this Eurobond
will help the port diversify its sources of capital, and finance its capital
expansion program. MIP, Turkey’s largest multipurpose port by total tonnage
and import-export container throughput, is positioned as the main gateway
for central and eastern Turkey’s foreign trade, an important contributor
to Turkey’s economic growth.
IFC has supported private sector development
in Turkey for over 45 years and continues to support priority areas in
the country, such as export, small business, energy security, health, infrastructure,
and trade finance, to boost the economy and create jobs.
Gulrez Hoda, IFC’s Director for Infrastructure
in Europe, the Middle East and North Africa said: “This landmark investment
could set an example in opening up the infrastructure sector to diversified
funding resources. Turkey has ambitious infrastructure targets—different
funding structures will help meet this demand and support Turkey’s infrastructure
MIP, a joint venture between Akfen Holding
and PSA International, facilitates trade between Turkey and the rest of
the world, especially around the Mediterranean and the Middle East.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in more than 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and promote shared prosperity. In FY13, our investments climbed
to an all-time high of nearly $25 billion, leveraging the power of the
private sector to create jobs and tackle the world’s most pressing development
challenges. For more information, visit www.ifc.org