Raiffeisen Bank and Eximbank finance strategic grain terminal project in Constanta port

Raiffeisen Bank and Eximbank will provide a EUR 33.6 million loan to Romanian port operator Comvex to finance building a new grain terminal in the Constanta port. The total investment in this project amounts to over EUR 45 million, EUR 8 million of which has been secured through the local capital market. Comvex Constanta is controlled by Romanian investor Corneliu Idu, who also owns a big tennis arena in Mamaia and is known for having helped Romanian tennis star Simona Halep start her international career. Raiffeisen Bank and Eximbank will each provide EUR 16.8 million to Comvex. Moreover, Eximbank will also offer a guarantee letter in the name of the Romanian state for EUR 18.2 million. The new terminal will have a storage capacity of 200,000 tons of grain. It will be built in Constanta port’s deepest berth and will allow the loading and unloading of Panamax and Cape Size ships of up to 120,000 tdw. It will thus link the Constanta port with the most important grain export markets in Asia and increase its importance in the region. The terminal is thus considered a strategic project and has been included in Romania’s Transport Masterplan. Wolf Theiss has provided legal counseling to the two banks in structuring this financing contract while Comvex has been assisted by local law firm Mareş, Danilescu & Mareş. The man who helped launch Simona Halep’s career builds EUR 52 mln grain terminal in Constanta editor@romania-insider.com