IFC Makes €28 Million Equity Investment in Tunisia Airport Projects
IFC in Istanbul:
Basak Pamir Ulgen
Phone: +90 212 385 3075
Email: bulgen@ifc.org
IFC in Cairo:
Riham Mustafa
Phone: +20 24619149 ext 306
E-mail: rmustafa@ifc.org
TAV Airports Holding in Istanbul:
Bengi Vargul
Phone: +90 212 465 55 55 ext 2090
Email: bengi.vargul@tav.aero
Washington, D.C., / Istanbul, June 30,
2009--IFC, a member of the World Bank Group, today signed an agreement
with Turkey’s TAV Airports Holding to acquire a 15 percent equity stake
in its subsidiary TAV Tunisia. IFC’s €28 million equity investment will
support the growth of Tunisia’s tourism industry, a key sector of the
country's economy.
TAV Tunisia is rehabilitating Monastir Airport, a major tourist airport
in north-east Tunisia, and building a new and the county’s largest airport
at Enfidha, also in Tunisia’s northeast. TAV Tunisia will operate both
airports under a 40-year concession. Construction of the Enfidha airport,
which will have an initial capacity of 7 million passengers per year and
generate more than 20,000 direct and indirect jobs once operational, is
almost complete.
The Monastir and Enfidha projects are North Africa’s first public-private
partnership in airports, and are expected to provide a model for other
public-private partnerships in Tunisia and the broader region. Improving
the airports infrastructure will help Tunisia strengthen its competitive
position in the Mediterranean tourism market.
TAV Airports Holding President & CEO M. Sani ªener said, “By establishing
a partnership with TAV Airports in TAV Tunisia, IFC proves that TAV Airports
is now an internationally recognized brand with its financial and operational
capabilities. We are honored to have attracted the interest of a World
Bank Group member under such difficult market conditions. I believe we
will create remarkable synergies with IFC.”
A year ago, IFC arranged a full financing package of €398 million, including
direct long-term senior and subordinated loans of €135 million and a €255
million syndicated loan, underwritten by ABN, Société Générale, and Standard
Bank. TAV Airports’ equity contribution amounts to EUR135 million.
Anita George, Director, IFC Infrastructure Department, said “IFC is pleased
to support Tunisia’s efforts to open new gateways to the country by developing
airport infrastructure. This equity stake will cement our relationship
with TAV Airports Holding, a leading airports operator in the region.”
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
About TAV Airports
TAV Airports Holding, a leading airport operator currently operates several
airports in Turkey, Georgia and Tunisia and plans to extend its operations
to Latvia and Macedonia. TAV Airports also runs duty free sales, food and
beverage services, ground handling services, information technologies,
security and operation services. The company serves an average of 370,000
flights for approximately 300 airline companies and 41 million passengers
per year. For more information, visit www.tavairports.com.
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