Queen Alia

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_x000C_In May 2007, the Government of Jordan (GoJ) awarded to a consortium including the international airport operator, Aéroport de Paris Management and the international construction firm, J&P Overseas a 25-year concession for the expansion, rehabilitation and operation of the Queen Alia International Airport (QAIA or the Airport) of Amman. The consortium constituted Airport International Group P.S.C (AIG), a special purpose company which will act as the concessionaire. The concession agreement grants AIG the exclusive right and obligation to provide airport services at QAIA and charge tariffs for these services. Such services include the obligation for AIG to operate, maintain and rehabilitate the existing Airport’s landside and airside facilities; complete the design for, engineer, procure, finance and build a new passenger terminal; and submit and implement a plan to demolish the existing terminal at QAIA once the new terminal is fully operating.AIG has requested both IFC and the Islamic Development Bank (IDB) to provide financing to the project, which is expected to cost $680 million and includes the rehabilitation of the existing terminal, the construction of the new terminal including related aprons and external works, and the demolition of the existing building. The construction of the new terminal is expected to be completed in July 2011. The project would be financed by a combination of internal cash flow generation ($134 million), equity ($161 million), senior debt ($347 million) and a subordinated loan ($40 million). The senior debt would be provided by IFC and Islamic Development Bank (IDB). The subordinated loan would be provided by IFC.