Manila, February 4, 2018
—IFC, a member of the World Bank Group, said today that agreements between the Bases Conversion and Development Authority (BCDA) and the Megawide-GMR consortium for the engineering, procurement and construction (EPC) contract to expand the Clark International Airport have been concluded.
Following the Philippine government’s hybrid public-private partnerships policy, IFC helped structure the transaction for the EPC contract to build a new passenger terminal that will help Clark International Airport become a world-class facility. IFC also assisted BCDA in conducting a competitive and transparent bid process that took less than six months, one of the fastest PPP mandates globally for IFC as an advisor, and resulted in significant government savings. Project preparation was supported by the Global Infrastructure Facility.
The Clark International Airport is the second main gateway into the country, and the new 100,000-square meter terminal will double its capacity to eight million passengers per year, boosting air transport capacity for the Greater Capital Region. The project is also expected to reduce the strain on the congested Ninoy Aquino International Airport and help create jobs and increase development to Central Luzon, a growing economic center.
Yuan Xu, IFC Country Manager for the Philippines, said, “This project builds on IFC’s long-standing track record in advising the Government of the Philippines in delivering crucial infrastructure. Infrastructure is key to the sustainable and inclusive economic growth of the country.”
Over the past 25 years, IFC’s PPP Transaction Advisory team has supported governments in over 100 countries. During this period, eight PPP projects have been successfully implemented with the support of IFC as transaction advisor to the Philippine government.
IFC is also supporting BCDA for the second transaction under the Clark Airport project to identify a private partner to Operate and Maintain the airport, including both the existing and new terminals.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit.
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The GIF, an initiative of the World Bank Group, is a global platform where governments, multilateral development banks and private sector investors collaborate to develop bankable and sustainable infrastructure projects. Now operational for more than two years, the GIF is unlocking billions of dollars for infrastructure development in emerging economies and developing countries. For learn more, visit
www.globalinfrafacility.org
