Bucharest, Romania, July 6, 2012—IFC,
a member of the World Bank Group, is investing up to €12 million in S.C.
Transport Trade Services (TTS Group) and its subsidiaries to improve shipping
and logistics services in Romania, especially across the country’s Danube
River Basin, boosting trade and industry in the entire region.
This investment will contribute to further
develop the Danube corridor as a bulk commodity transportation route, particularly
benefiting the agricultural sector and other export-oriented industries.
River transport is the most cost-effective and environmentally benign way
to ship goods. The increased use of river shipping can significantly reduce
transportation costs and increase trade for several basic industries, including
agriculture, chemicals, metals, and mining.
Mircea Mihailescu, TTS Group President,
said, “EU policy is to sustain the shift to inland navigation in Europe,
allocating significant funds for this purpose. The EU Danube Strategy is
part of this policy, and the objective to improve mobility and multi-modality
directly addresses infrastructure and the river fleets. It is just the
right moment for TTS to join forces with IFC in supporting EU policies
of routing more cargo to the river. This is the first step in a long-term
project to be done with IFC’s support.”
Tomasz Telma, IFC Director for Europe
and Central Asia, said, “Our investment will help TTS to acquire new vessels
and further develop operations at ports on the Danube and in Constanta.
The increased use of the Danube corridor can significantly improve trade
and exports not only from Romania, but also from Austria, Bulgaria, Germany,
Hungary and Serbia.”
TTS is the leading Romanian provider
of freight forwarding services for bulk commodities across the Danube River
system. Through its subsidiaries, TTS offers a comprehensive suite of other
logistics services, including river shipping, direct and indirect transshipment,
port and harbor services, warehousing brokerage, and stevedoring services.
Romania became a member of IFC in 1990,
and the institution’s portfolio in the country today stands at $659 million.
Through a combination of investments and advisory services, IFC supports
private enterprises across the country in a wide variety of sectors, including
financial markets, agriculture, manufacturing, infrastructure, and health
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, providing advisory services to businesses and
governments, and mobilizing capital in the international financial markets.
In fiscal 2011, amid economic uncertainty across the globe, we helped our
clients create jobs, strengthen environmental performance, and contribute
to their local communities—all while driving our investments to an all-time
high of nearly $19 billion. For more information, visit www.ifc.org.
For more information about TTS Group,