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State-of-the-art grain terminal in Gdansk will increase competition in Polish economy with EBRD assistance
Europort Poland, a newly established company, has received a US$ 65 million (ECU 56 million) loan from the European Bank for Reconstruction and Development (EBRD) to build and operate a state-of-the-art grain terminal in the Baltic Sea port of Gdansk, Poland.
"This new grain terminal will help to increase competition in the agricultural and transport sectors. It will also introduce a faster and cheaper supply of key agricultural commodities to the people of Poland," said Alain Pilloux, Director of the EBRD’s Poland team. "The EBRD played a major role in structuring this complex project and in attracting additional resources from commercial banks. It is also part of a broader focus on the Baltic Sea ports, which are receiving help from the EBRD, to upgrade their transportation infrastructure in preparation for European Union accession."
"The Royal Bank of Canada’s involvement in this transaction demonstrates its expertise and adds to its lengthy track record in assisting Canadian companies in their business dealings around the globe," said Colin Sturgeon, the head of corporate investment banking at Royal Bank of Canada Europe Ltd. "We are particularly pleased to have worked closely with the EBRD throughout this transaction."
Europort will operate the grain terminal for the import and export of agriculture commodities (grain, wheat, meal and edible oil) to and from Poland and its neighbouring countries. It will be the sole Polish terminal operating in a deep-water port, allowing a much more efficient route for the trade flow of food commodities.
Financing consists of an A-loan for the EBRD’s own account and a B-loan fully underwritten by Royal Bank of Canada Europe Ltd. Each loan totals US$ 32.5 million (ECU 28 million).
The shareholders of Europort and the project’s sponsors are Saskatchewan Wheat Pool, the largest Canadian grain company, controlling shareholder and operator of the terminal; the Canadian construction company Strait Crossing Group Inc., manager of the construction works; and Dessaport International Corp. and Joseph d'Andrea, the originators of the project.
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