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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 development.”
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.
About IFC
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
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