Turkey: Antalya Airport Expansion Project (Long Term Facility)

approved

The proposed Project is a follow-on transaction to earlier approved two projects: Antalya Airport Expansion Project (P000639) and Antalya Airport Expansion Project (Upsize Facility) (P000847), which were part of two bridge facilities with the total signed amount of EUR2.3 billion and maturity of September 2025. AIIB's commitment amounted to EUR202.5 million, and the Project was jointly co-financed along with IFC (EUR212.5 million), European Bank for Reconstruction and Development (EBRD, EUR190 million), DEG (EUR50 million) and Turkish and international commercial banks. In previous approved projects, AIIB financed capital expenditures and financing costs incurred during the construction period with full recourse to Sponsors (TAV and Fraport). In the proposed Project, AIIB will refinance previously provided bridge facilities by providing a non-recourse long-term project finance loan after completion of the construction Phase I, i.e., Q1 2025. The previous bridge facility loan which is to be refinanced through the proposed long-term loan, financed three components of the Phase 1 expansion: Terminal Works: expansion of International Terminal 2, Domestic Terminal and associated carparks; Airside Works: additional apron space and taxiways, infrastructure works for new maintenance hangar area, fuel farm, cargo terminal; and Other Works: gates, landscaping, on-site solar farm and others.