24082 - Transport Trade Services

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Proposed Investment

Project Number

24082

Company Name

COMPANIA DE NAVIGATIE FLUVIALA ROMANA NAVROM SA

Date SPI Disclosed

Jun 13, 2005

Country

Romania

Industry

Infrastructure

Projected Board Date

Jul 15, 2005

Status

Completed

Sector

Other Support Activities for Transportation (Grain Terminals, Cargo Terminals, Airport Operations)

Department

Gbl Infrastructure & Natural Resources

Environmental Category

B - Limited

Previous Events

Approved : Aug 11, 2005
Signed : Sep 20, 2005
Invested : Nov 1, 2005

Project Description

Transport Trade Services S.A. (TTS or the company), its shipping subsidiary CNFR Navrom Galati S.A. (Navrom), its other subsidiaries and affiliates (the Group) are leading providers of freight forwarding, river shipping and integrated logistics services in Romania. TTS was founded in 1997 and its core operations entail the provision of shipping and handling (river, rail and sea) services to top tier Romanian and multinational clients.

The Group is currently undertaking a $25 million capital investment program consisting of:

- upgrading of engines and propulsion systems for twelve pushers;
- building a grain storage and handling terminal in Constanta; and
- refinancing the purchase of a 25 ton second hand floating crane.

The project will improve TTS’ logistics infrastructure and asset quality, strengthen its product offering and enhance the modular nature of its services. The investment program will also improve the Group’s efficiency, enhance reliability, allow it to service more clients and reduce operating costs.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	16.95
Equity

Development Impact

The project will have important benefits for the country’s transport infrastructure. It will help increase and improve cargo handling capacity and efficiency at Constanta, the largest port in the Black Sea. The project will also help the Group meet EU environmental standards and at the same time lower river fleet operation costs. This adoption of best practice environment, health and safety codes will also be important for the country’s preparation for EU accession. Lastly, IFC’s funding will help the Group modernize the Romanian shipping fleet and make this local company more competitive in the broader European shipping market.

IFC’s three fold role in the project includes:

- funding a Romanian-owned and operated transportation and logistics company to modernize its fleet and compete efficiently;
- providing long-term funding in a financial environment that can only provide terms loans of up to five years; and
- aiding the Group in updating its financial reporting systems to international standards and preparing consolidated IFRS financials at the Group level for the first time.

This is a category B project. In conducting the due diligence, the following potential environmental and health and safety impacts were analyzed:

- environmental, health and safety management systems;
- vessel safety and pollution control;
- oil / hazardous cargo spill prevention and control;
- maintenance / repair yard pollution control and hazardous materials and waste management; and - employee health and safety.
Location of environmental documents In locally affected community
Environmental documentation will be made available at the following locations:

- Navrom Galati headquarters, 34 Portului Str., Galati, Galati county
- MAST office in Constanta, 1, Ion Creanga, Agigea, Constanta county
- TTS Bucuresti office, 34 Str. Vaselor, Sect. 2 Bucharest

Contacts

For Inquiries About the Project, Contact

Antonio Stoean
34 Vaselor Street, 021254,
Bucharest, ROMANIA

+40-21-210-3543 (fax)

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Development Impact

Similar Projects

Contacts

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

Board Approved IFC Investment

Location of Project and Description of Site

Development Impact

IFC's Expected Development Contribution

Environmental and Social Issues - Category

Press-Release

Related ESRS/ERS

Similar Projects

Contacts

Disclaimer