Washington, D.C., May 2, 2008—IFC,
a member of the World Bank Group, has signed an agreement with TAV Airports
Holding, Turkey’s leading airport operator, to finance a concession for
two airports in Tunisia. This will promote South-South investment flows
and support the sustainable development of tourism, a key sector that employs
15 percent of Tunisia’s workforce.
The project will build a new airport in Enfidha, with an initial capacity
of 7 million passengers a year, and rehabilitate the airport in Monastir.
Both airports will operate under a 40-year concession. The project is expected
to generate about 2,000 new jobs during construction and more than 20,000
direct and indirect jobs once the airports are operational. It is North
Africa’s first public-private partnership for airports, and it is expected
to provide a model for other public-private partnerships in Tunisia and
the broader region.
“IFC is supporting Tunisia’s efforts to develop airport infrastructure
by opening new gateways to the country. We hope our involvement will attract
greater participation from commercial banks to help finance this important
project,” said Rashad Kaldany, IFC Director for Infrastructure.
IFC arranged a full financing package of €398 million, including direct
long-term senior and subordinated loans of €135 million and a €263 million
syndicated loan, underwritten by ABN, Société Générale, and Standard Bank.
The project’s concessionaire, TAV Airports Holding, is a leading integrated
provider that operates airports in Georgia and Turkey. TAV Group has extensive
experience in airport construction in Egypt, Georgia, Libya, Qatar, Turkey,
and the United Arab Emirates.
To further boost tourism, Tunisia is planning to increase and upgrade its
accommodation capacity. The Monastir Airport, the main entry point for
tourists going to major tourism centers, is no longer sufficient to meet
demand. Improving the airport’s infrastructure will help the country further
develop and sustain its competitive position in the Mediterranean tourism
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
private capital in local and international financial markets, and providing
advisory and risk mitigation services to businesses and governments. IFC’s
vision is that poor people should have the opportunity to escape poverty
and improve their lives. In FY07, IFC committed $8.2 billion and mobilized
an additional $3.9 billion through syndications and structured finance
for 299 investments in 69 developing countries. IFC also provided advisory
services in 97 countries. For more information, visit www.ifc.org.