The European Bank for Reconstruction and Development (EBRD) has acquired stake in Turkish cruise port operator Global Ports Port Operator (GLI), one of the world's largest port operating companies.

In a statement, the bank said the minor stake would be used to finance GLI's expansion in Turkey and abroad.  GLI became the world's largest cruise port operator following its acquisition of Spanish operator Creuers a year ago. 

 GLI (or Global Liman Isletmeleri AS) has eight ports in five countries in the Mediterranean and Asia Pacific region. It is an arm of Global Yatirim Holding AS (Global Investment Holdings) which operates in the infrastructure, real estate, energy and financial services sectors in Turkey.

The proceeds of the Bank's investment will be used to finance the company's future investments in ports in countries where the EBRD invests. Global Ports' expansion abroad will promote integration among ports and create network synergies, as well as helping to further consolidate the company's position in the international market.

 As a shareholder, the EBRD will nominate a member for the board of Global Ports and will help further advance the company's corporate governance, making it more competitive both in Turkey and abroad.

 Supporting infrastructure companies as they explore new ways of financing growth is an important part of the EBRD's strategy in Turkey.

The Bank started investing in the country in 2009. It currently operates from offices in Istanbul, Ankara and Gaziantep. In 2014 Turkey became the leading recipient country of the EBRD, with new investments worth €1.4 billion.

 To date the Bank has invested over €6 billion in Turkey through close to 160 projects in infrastructure, energy, agribusiness, industry and finance. It has also mobilised over €12 billion for these ventures from other sources of financing.

Source: Maritime Professional; by Aiswarya Lakshmi