The European Bank for Reconstruction and Development (EBRD) has provided an $8.5 million loan for an environmentally friendly expansion of the Altintel Port in western Turkey.
EBRD granted the loan to Altintel Liman ve Terminal Işletmeleri, a liquid bulk port located in Kocaeli, for the construction and installation of 18 chemical storage tanks and related infrastructure.
The investment is expected to increase the port’s total liquid bulk capacity by 23,164 m³ to 105,600 m³.
According to the EBRD, the new facilities will be used for the handling and storage of raw materials for consumer goods, paint and coating, pharmaceuticals, agriculture, construction, electronics and automotive industries.
The new infrastructure will be operated by a modern, automated and digital system that will enhance energy and generate cost savings, paving the way for the port’s decarbonisation.
Additionally, Altintel Port will collaborate with the EBRD on expanding the career opportunities for women in the company.
“Our investment will support a significant improvement in the port’s operations. Installing efficient technology and automation systems, and replacing diesel equipment with electric equipment, will drive economies of scale. Capacity expansion will also mean shorter journey times and improved services for a wider client base”, said Sue Barrett, EBRD director, Sustainable Infrastructure Group.
Commenting on the investment Levend Kokuludag, chairman of the Board of Arkem Group, the owner of the port, said: “It has been a great honour for Arkem Group to work with the EBRD on the financing of Altintel Port’s expansion. On successful implementation of the current project, Altintel Port would like to further expand its capacities to satisfy increasing demand from new and existing clients”.
Known as the major investor in Turkey, the EBRD has invested more than €14 billion through 353 projects in various sectors of the country’s economy so far.