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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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