Deutsche Bank Disposing of Maher Terminals USA

first_imgzoom Germany’s commercial and investment bank Deutsche Bank has reached an agreement with Macquarie Infrastructure Partners III (MIP III) on the sale of North America’s container terminal operator Maher Terminals USA.Under the deal, MIP III will acquire the entire stake in the 454-acre multi-user container terminal in Port Elizabeth, New Jersey.Deutsche Bank did not disclose the terms of the transaction, however, the sale is not expected to have a material impact on the bank’s financials.Maher Terminals in New Jersey, which was acquired by Deutsche Bank in 2007, currently moves more than 2 million TEUs per year.This is a legacy asset held within the Bank’s Non-Core Operations Unit (NCOU).“This sale marks another important step in Deutsche Bank’s commitment to the reduction of legacy assets,” said Pius Sprenger, Deutsche Bank’s Head of the NCOU.In 2015, Deutsche Bank sold Maher Terminals’ Canadian operations Fairview Container Terminal in Prince Rupert, British Columbia, to DP World for an amount of CAD 580 million (USD 457 million).At the time, Fairview, a purpose built terminal, had a capacity of 850,000 TEUs, which is expected to be expanded to 1.35 million TEUs by mid-2017.The expansion project would provide a second deep-water berth, four additional gantry cranes, and land reclamation to further expand the container yard.last_img read more

UN and Iraq agree on plan to boost governance socioeconomic development

More than 120 participants, including from the Government, parliamentarians, civil society organizations, academia, international donors and UN agencies, took part in the discussions on the action plan for Iraq’s first UN Development Assistance Framework (UNDAF) for the period 2011 to 2014.“The UNDAF is the UN’s most comprehensive tool to help countries meet their international development commitments – primarily the Millennium Development Goals (MDGs),” said Christine McNab, the UN Resident and Humanitarian Coordinator for Iraq, referring to the globally agreed targets to slash extreme hunger and poverty, infant and maternal mortality, and lack of access to education and health care – all by 2015.“This first ever UNDAF for Iraq represents our commitment to improve life for millions of Iraqis, by uniting the UN system in support of Iraq’s own priorities for reform, modernization and socio-economic revival,” she added. The UNDAF discussions focused on Iraq’s development priorities in the aftermath of three decades of conflict, and outlined major areas of UN support in areas such as peace consolidation and human rights, good governance, economic growth, women and children’s rights and environmental protection. These issues were selected to support Iraq’s five-year National Development Plan, which foresees over $200 billion in investment in services, economic stimulus and environmental protection from 2010 to 2014. The completed UNDAF will be co-signed by the UN and the Iraqi Government in 2010. 19 November 2009The United Nations and Iraq have agreed on the basics of a new development partnership to strengthen Iraqi governance, social services and economic growth over the next five years. read more