Airports Madagascar (IFC-36882)

  • Madagascar
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 6, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Ravinala Airports
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 51.35 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported Euros 45 million
Converted using 2017-06-30 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 30, 2017

Disclosed by Bank Sep 20, 2016

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
Ravinala Airports ("Ravinala Airports", the "consortium" or the "concessionaire"), a company to be owned by a consortium comprised of ADPM (Aeroports de Paris Management), BBI (Bouygues Batiment International), Colas Madagascar and Meridiam has been appointed by the Government of Madagascar as concessionaire of to take over a 28 years concession for the extension, refurbishment, operations and maintenance of Ivato and Fascene airports located in Antananarivo and Nosy Be island respectively. CMBI, a joint venture company incorporated by BBI and Colas Madagascar (the "EPC contractor") will be in charge of the construction phase for both airports, while ADPM will enter into a Technical Services Agreement to assist Ravinala Airports for the operation and maintenance of both airports.The proposed IFC investment is a financing package of: (a) IFC A loan of up to EUR 45 million; and (b) an interest rate swap to cover up to the full amount of the debt ("the project").As part of the concession agreement, both airports' passenger terminals and runway capacities will need to be expanded to meet market demand. The construction and improvement works at the airports are planned in two phases as set out in the concession agreement.IFC financing will be used to fund the first phase of works (Phase 1) included in the concession agreement, which consist of: (1) ongoing 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 at the end of November; (2) construction of a new passenger terminal at Ivato airport and limited refurbishment works in the existing terminal; (3) renovation of the runway and Tarmac II to host aircrafts Code E and one Code F at Ivato; (4) renovation of the runway and limited expansion of the current passenger terminal at Fascene airport; and (5) 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. Phase 1 works are scheduled to start end of November 2016 and to have a duration of 32 months at Ivato airport and 19 months at Fascene airport.Phase 2 works will include runway extension at both airports, terminal extension and renovation of the apron at Ivato and a new terminal building at Fascene airport as well as a new apron for Code E; however they will only be initiated when certain passenger and air traffic volumes have been met. According to the traffic models currently available, except for the apron renovation and extension which will be subject to new due diligence and financing structure, these thresholds will not be met during the tenor of IFC's loan and, therefore, it is expected that the proceeds from the proposed IFC investment will not be used to finance Phase 2.
Investment Description
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Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
Contact Person: Vincent Devauchelle / Jean-Baptiste Guenet Company Name: Ravinala Airports Address: BP - 133 - Anosibe - 101 ANTANANARIVO - MADAGASCAR Email: Phone: +261345486016 ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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