Harrisons and Reed Smith have advised the EBRD in relation to a EUR 20 million loan to support the development of the Port of Bar, the main Montenegrin sea port. Kinstellar, working with the Dragoljub Dukanovic Law Office as special Montenegrin counsel, advised the Port of Adria (the borrower), Global Port Holding Plc (the guarantor) and Global Liman Isletmeleri A.S. (the shareholder of the borrower) on the financing.
Harrison's describes the port as "a key transport link between Montenegro and the rest of the Balkans," and reports that "it handles over 95 percent of the country’s maritime freight and its development is paramount to improving cross-border infrastructure and greater regional economic integration."
The EBRD funds are being extended to Port of Adria, which operates the container and general cargo terminals in the Port of Bar under a 30-year concession agreement. The Company is controlled by UK-based Global Ports Holding plc through its wholly owned subsidiary Global Liman Isletmeleri A.S. as the majority shareholder.
The Harrison's team was led by Consultant Ines Matijevic-Papulin, assisted by Senior Associates Vera Vucelic-Radunovic and Jovan Cirkovic.
The Kinstellar team was led by Partner Onur Taktak in Istanbul, with support from Istanbul-based Associate Begum Yorukoglu and Prague-based Partner Kvetoslav Krejci.
Ksenija Franovic, from the Dragoljub Dukanovic Law Office in Podgorica, served as special Montenegrin counsel to the borrower.