📋 Tender Overview
STATUS: Proposed
MEMBER: Türkiye
SECTOR: Transport
E&S CATEGORY: Category A
PROJECT NUMBER: 000639
FINANCING PROPOSED FUNDING AMOUNT: USD150 million
FINANCING TYPE: Nonsovereign
TIMELINE: CONCEPT REVIEW May 11, 2022
APPRAISAL REVIEW/FINAL REVIEW: November 1, 2022
OBJECTIVE: To contribute to the initial phase of Antalya Airport expansion through the provision of a capex bridging loan.
DESCRIPTION: The Project comprises three components:
Terminal Works: expansion of International Terminal 2, Domestic Terminal and related carparks;
Airside Works: additional apron space and taxiways, infrastructure works for new maintenance hangar area, cargo terminal; and
Other Works: gates, landscaping, on-site solar farm, and others.
The Project will increase the annual capacity of the Antalya Airport (the Airport ) from 40 million passengers to 80 million passengers in three phases.
At the end of 2021, the Sponsors won the tender and signed the new lease agreement with the Turkish State Airport Authority to develop and operate the Airport. The Sponsors have operated the Airport under the current lease agreement since 2007.
Pursuant to the lease agreement, the Sponsors are required to make an upfront payment amounting to 25% of the total rental fee. As such, they have entered into a 2-year loan facility with a syndicate of commercial banks. The Sponsors are now arranging similar loan facilities to finance the capital expenditure for the expansion works from commercial banks and multilateral development banks. The short-term loan facilities are expected to be refinanced in March 2024 via a long-term project financing loan.
The project will be completed in 3 phases in total, the 1st phase will take place between 2022-2025, the 2nd phase between 2028-2029 and the 3rd phase between 2038-2039. Most of the work to be completed under the enlargement will be done in the first phase. When the project is completed, it is expected to make a significant contribution to the national economy. In addition, the project is expected to make a significant contribution to regional tourism and all interactive sectors, as local employment is strengthened and almost all of the tourists coming to the region use the airline.
