Madagascar Airports (MIGA-3520)

  • Madagascar
Where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Nov 21, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Bouygues Batiment International S.A.S.</br>Colas S.A.</br>Meridiam Infrastructure Africa Fund FIPS</
The holder of the loan, grant, or other investment.
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 85.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ MIGA website

Updated in EWS Oct 12, 2017

Disclosed by Bank Oct 24, 2016

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Project Description
This summary covers equity and shareholder loan investments by Aéroports de Paris Management S.A, Bouygues Bâtiment International S.A.S., Colas S.A. and Meridiam Infrastructure Africa Fund, Meridiam Infrastructure Africa Parallel Fund FIPS, Meridiam Infrastructure Africa Parallel Fund SCsp into Ravinala Airports S.A. in Madagascar. The investors have applied for a MIGA guarantee of US$85 million (EUR75 million) for a period of up to 15 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract. The project consists of the financing, rehabilitation/ expansion, operation and maintenance of the Ivato airport in Antananarivo and the Fascene airport in Nosy Be, currently being managed by the state-owned enterprise Aéroports De Madagascar (ADEMA). Works include (i) works at Ivato in preparation of the Francophonie summit (expansion of apron and presidential pavilion as well as establishment of a dedicated process path in the existing terminal for arriving/departing delegations), to be held in Antananarivo (the country's capital) at the end of November; (ii) construction of a new passenger terminal at Ivato airport and limited refurbishment works in the existing terminal; (iii) renovation of the runway and Tarmac II to host aircrafts Code E and one Code F at Ivato; (iv) renovation of the runway and limited expansion of the current passenger terminal at Fascene airport; and (v) rehabilitation of landside facilities at both airports, including the construction of new wastewater treatment plants, improvement of the existing incinerator at Fascene airport to meet emission standards, improvement of surface water drainage, construction of a new waste water treatment plant and installation of an oil water separator at Ivato airport
Investment Description

Contact Information
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