EBRD Takes Over Operator of Giurgiulesti International Free Port
The European Bank for Reconstruction and Development (EBRD) acquired 100 per cent of the capital of the Danube Logistics Group of companies on 7 May 2021.
The EBRD thereby became the sole ultimate owner of Danube Logistics SRL, the operator of Giurgiulesti International Free Port (GIFP). The change in ownership was registered by the relevant court in Moldova on 18 May 2021.
Through its acquisition, the EBRD aims to promote a continuation of the successful operation and development of Giurgiulesti International Free Port and will seek to attract international investors to further support and develop the port. Giurgiulesti International Free Ports is located on the maritime section of Danube with available water depths of up to 7m. GIFP is capable of receiving both inland and sea going vessels.
The EBRD has supported the construction and operation of Giurgiulesti International Free Port since 1995 and in 2013 replaced Credit Suisse as the primary economic beneficiary of the operation of the port following the refinancing of Danube Logistics’ outstanding loans by Credit Suisse.
As the port’s owner the EBRD expects the prompt fulfilment of all outstanding investment obligations stipulated in the Host Investment Agreement of 2004 signed between Danube Logistics, Bemol Refinery and Bemol Retail so as to benefit and boost the economic development of Moldova.
The EBRD is owned by 69 countries – including Moldova – as well as the European Union and the European Investment Bank. With cumulative investment of €1.4 billion in the country to date, the EBRD is the largest foreign investor in Moldova.
Background
Danube Logistics SRL, a Moldovan limited liability company, is the general investor and operator of GIFP as well as the administrator of the Giurgiulesti Free Economic Zone.
Danube Logistics specializes in five main activities: Port Operation – Giurgiulesti International Free Port; Short-Sea/River Shipping; Inland Transportation; Forwarding/worldwide, Door-to-Door container transportation service; Business Park.
Danube Logistics offers for lease or sale land, office, and warehouse space as well as open space storage facilities.
In December 2004 Danube Logistics signed an investment agreement with the Government of Moldova for the construction of Giurgiulesti International Free Port. Danube Logistics’ shareholders are the Dutch company Danube Logistics Holding BV and the European Bank for Reconstruction and Development.
