TAV seeks Almaty Airport debt
Istanbul-listed airport operator TAV is seeking debt to finance a US$360m upgrade programme at Almaty International Airport.
The project capex will be funded via a combination of debt and internally generated cash, with the IFC looking to provide US$30m from its own account, mobilise another US$30m via its managed co-lending portfolio programme and provide interest rate swaps. Approval by the IFC board is due by December 8.
The upgrade is expected to include rehabilitation of the runway to improve safety, construction of a new taxiway to reduce aircraft turnaround time, construction of additional aircraft stands and modernisation of auxiliary infrastructure.
The new debt would add to the US$450m debt package TAV signed at the start of the concession in 2021, which was led by a US$222.2m IFC tranche and included US$150m financing from the EBRD and a US$77.8m joint package from Germany's DEG and the Eurasian Development Bank.
