MIP was established in 2007, when Mersin port was privatized by the Turkish Republic State Railways (“TCDD”), through a 36-year concession tender to operate the terminal. The current shareholder structure includes PSA International (PSA, 51%), IFM Global Infrastructure Fund (IFM GIF, advised by IFM Investors, 39%) and Akfen Holding (10%).

PSA is one of the world’s largest port operators with 60 deep sea, rail, and inland terminals, across 160 locations in 42 countries globally. Its flagship terminals include Singapore, the second busiest terminal worldwide and Antwerp, the second largest terminal in Europe. During 2022 PSA handled a total of 91m TEU and generated revenues of US$5.8bn and adjusted EBITDA of US$1.9bn.

IFM GIF is an open-ended fund invested in a diversified portfolio of over 30 infrastructure assets and is advised by IFM Investors, a global fund manager owned by 17 world-leading pension funds and 640 institutional investors, and manages institutional strategies across infrastructure, debt investments, listed equities and private capital. IFM GIF is one of the largest infrastructure investors in the world, with a strong investment track record of more than 20 years.

Akfen Holding is one of the leading players in the infrastructure sector in Türkiye and is owned by the Akin family. Akfen has investments in renewable energy, ports, airport operations, real-estate (including hospital PPPs) and mining.

 The total project costs will be approximately US$409 million. IFC investment in the project will be on a form of an A loan of up to US$50 million.

 The Project is in the city of Mersin in Türkiye.

 Not applicable to the Project (non-extractive sector). 

This is a Category A project according to IFC’s Policy on E&S Sustainability as the project activities have the potential to cause significant adverse E&S risks and/or impacts that are diverse, irreversible, or unprecedented, including (i) potential impacts on the Kazanli Beach located in 10 km away from the port, a designated protected zone, the most significant spawning grounds of Chelonia mydas species, also known as the green sea turtle; and (ii) increase of truck and vessel traffic due to construction and operation.

Other key E&S aspects related to the proposed investment include: (i) performance effectiveness of the E&S management systems including monitoring of the construction activities and day-to-day operations; (ii) adequacy of the E&S risk and impact assessment of the project; (iii) contractors’ and subcontractors’ compliance requirements and auditing; (iv) fair and safe working conditions, including occupational health and safety (OHS) management for employees and contractors during the construction and operation of the container terminal; (v) climate risk; (vi) pollution control including transport and disposal of dredged spoil; and (vii) stakeholder engagement and community grievance mechanism.