📋 Tender Overview
STATUS: Approved
MEMBER: Türkiye
SECTOR: Transport
E&S CATEGORY
Category A:
PROJECT NUMBER: 000909
FINANCING: APPROVED FUNDING
EUR202.5 million
FINANCING TYPE: Nonsovereign
TIMELINE: APPRAISAL REVIEW/FINAL REVIEW
March 3, 2025
FINANCING APPROVAL: March 20, 2025
OBJECTIVE
To contribute to Antalya Airport’s sustainable development and connectivity enhancement through the provision of a long-term project finance loan.
DESCRIPTION
The 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 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 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.
ENVIRONMENTAL AND SOCIAL INFORMATION
Applicable Policy and Categorization. The 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, and will be co-financed with EBRD. To ensure a harmonized approach to addressing environmental and social (ES) aspects of the Project, and as permitted by AIIB’s Environmental and Social Policy (AIIB’s ESP), EBRD’s Environmental and Social Policy (EBRD’s ESP 2019) and relevant Performance Requirements (PRs) will apply to this Project in lieu of AIIB’s ESP (consistent with above referred two earlier projects). AIIB has reviewed the EBRD’s ESP and PRs and is satisfied that: (i) they are consistent with AIIB’s Articles of Agreement and materially consistent with the provisions of AIIB’s ESP, including AIIB’s Environmental and Social Exclusion List and the relevant ES Standards; and (ii) the monitoring procedures that are in place are appropriate for the Project. EBRD has categorized the ES risks of the project as Category A (which is equivalent to
