Airport Almaty

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The Project involves a senior loan of up to USD 150 million from IFC’s own account, a senior syndicated loan of up to USD 100 million and a senior loan of up to USD 50 million from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program (“MCPP”). The Project consists of (i) financing the capital expenditure program to modernize Almaty International Airport JSC (“AIA”) and (ii) refinancing of the acquisition of AIA and the associated fuel business entity Venus Trading LLP (“VT,” together with AIA, the “Airport”) from a private party. The capital expenditure program involves a new passenger terminal to address capacity constraints, relocation of VIP terminal, refurbishment of existing AIA terminal, and environmental, health and safety enhancement works such as rehabilitation of infrastructure, installation of a noise barrier, noise insulation program, energy efficiency investments, life and fire safety (LFS) improvements at the existing terminal and airport hotel’s building, which will be converted into the office premises. Construction works are expected to commence in 2020 and be completed over three years. Project Sponsors are TAV Havalimanlari Holding A.S. (“TAV,” 85 percent) and Kazakhstan Infrastructure Fund C.V. (“KIF”) managed by VPE Eurasia GP Limited (15 percent). The Sponsors are currently finalizing the acquisition of AIA from its current private owner. AIA is the largest international airport in Kazakhstan, served 6.4 million passengers in 2019, and is situated 15km northeast of Almaty city center. It has been operational since 1935 and has held an international categorization since 1998. The airport is certified by the International Civil Aviation Organization (ICAO). It consists of two close parallel runways and associated taxiways, 5 apron areas, and various auxiliary facilities required for the operation of the airport such as wastewater treatment works, fuel storage area, laboratory and car parks. The area surrounding the airport is a mixed-use area comprising residential, commercial and agricultural land uses, including residential buildings in close proximity to the airport, as discussed below.