Financed ProjectsAnkara Esenboga Airport

Identification Code:

OP/04/0456

Total Operation Cost:

196.000.000

Maturity:

144 months

Operation Status:

Description and Purpose of the Operation:

BSTDB extended a EUR 18million loan to a private company TAV Esenboga Yatirim Yapim Ve Isletme A.S, 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. The operation involves 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 aim of the Operation is to bring about high developmental impact, which 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. The readers of the Project Finance magazine have selected the Ankara Airport transaction as the European Transportation Deal of the Year 2005.

Countries of Operation:

Türkiye (100,00 %)

Financial Product:

Loans

Sector:

Industrials

Domain:

Private

Borrower/Client:

TAV Esenboga Yatirim Yapim ve Isletme A.S

Co-Financiers/Participants:

The funding of the operation of up to EUR 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.

Guarantors/Sponsors:

Tepe Insaat Sanayi A.S. and Akfen Insaat Turizm ve Ticaret A.S.

Developmental and Regional Cooperation Impact:

The Operation will bring about substantial developmental impact, which includes socio-economic benefits due to additional employment, generation of taxes 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.

Environmental Classification and Impact (summary):

The Project is in compliance with the Bank's Environmental Policy

Operation Leader:

Energy & Infrastructure

E-mail:

ei@bstdb.org