Jeddah, Saudi Arabia, April 21, 2009
–IFC, a member of the World Bank Group, said today it was working with Saudi Arabia’s General Authority of Civil Aviation to help attract private sector investment for a new terminal at Medina Airport. The project will improve services at an important gateway for thousands of pilgrims arriving in Saudi Arabia.
IFC is advising the General Authority of Civil Aviation structuring a public-private partnership model to expand the airport. The private sector partner will be chosen through a competitive bidding process. This important infrastructure project will help the airport improve operations.
Abdullah Rehaimi, President of the General Authority of Civil Aviation, said, “The project contributes to our mission of enhancing the efficiency and quality of airports across the country through private sector involvement and we are confident that, with IFC’s support, we will be able to structure a successful public-private partnership for the Prince Mohammed bin Abdulaziz International Airport in Medina.”
Moazzam Mekan, IFC’s Infrastructure Advisory Services Manager, said, “We believe that the Kingdom’s move to open its aviation sector to private sector investment is a significant step in modernizing and upgrading its airport infrastructure and we are looking forward to bringing IFC’s global infrastructure experience to this process.”
IFC is currently supporting the General Authority of Civil Aviation as it upgrades airport infrastructure facilities at the King Abdulaziz International Airport in Jeddah, the King Khalid International Airport in Riyadh, and the King Fahad International Airport in Dammam. The goal is to make better use of the land within the airport boundaries, create economic activity, and upgrade the quality of services.
In 2007, IFC assisted the General Authority of Civil Aviation to structure its first two public-private partnership transactions: the concession for the Hajj Terminal refurbishment and a new desalination plant, both of which are located at the King Abdulaziz International Airport in Jeddah.
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
.
