BSTDB Supports the Development of Ankara Airport
Press Release | 15-Jul-2005
The Black Sea Trade & Development Bank will make available a 12-year € 18 million loan to finance the development of Ankara Esenboga Airport in Türkiye. The loan will be provided to a private company TAV Esenboga Yatirim Yapim ve Isletme A.S.
The operation will involve the development, design, construction, operation and maintenance of a new domestic and international terminal, which will increase the overall capacity of the airport 3-fold up to 10 million passengers a year.
The funding of the operation of up to €196 million is arranged by Bayerische Hypo- und Vereinsbank AG (Germany) and includes sponsors’ contribution, a covered facility from an export credit agency and commercial loans from a number of banks and institutions, including that of BSTDB and PROPARCO, a French development institution.
The developmental impact of the operation includes socio-economic benefits due to additional employment and participation of domestic suppliers of construction materials and services. Besides, the operation ensures solid mobilization of capital from outside the Black Sea region and exploits co-financing opportunities with international commercial and development institutions.
TAV Esenboga Yatirim Yapim ve Isletme A.S. is a special purpose vehicle established by the sponsors of the operation - Tepe and Akfen Groups, reputable Turkish construction companies which were involved in the expansion and management of the Ataturk Istanbul International Airport. Tepe Group has domestic and international experience of over 30 years in construction in Germany, Ukraine, Azerbaijan, Russia and Middle East. Akfen Group is one of the major construction groups in Türkiye with business interests in tourism, foreign trade, insurance brokerage, and natural gas distribution.
BSTDB is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. With an authorised capital of SDR 1 billion (approx. USD 1.5 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects in the public and private sectors in its member countries. Since the commencement of operations in 1999, BSTDB has approved projects and trade finance operations totaling over USD 675 million. BSTDB is rated Long Term Baa2 and Short Term P2 by Moody’s.