Fraport TAV Antalya Yatirim,Yapim ve Isletme A.S. (IFC-46443)

  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
  • Turkey
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
Feb 2, 2023
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.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
Not Disclosed
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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 7, 2023

Disclosed by Bank Nov 11, 2022

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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.

According to the bank website, the proposed IFC investment involves a two-year bridge loan to Fraport TAV Antalya Yatirim, Yapim ve Isletme A.S. (“FTA” or “the Company”), 51% owned by TAV Airports Holdings and 49% by Fraport AG (“the Sponsors”), to (i) partly finance the payment of EUR1.8 billion in concession fees to the General Directorate of State Airports Authority (“DHMI’) and (ii) 499m EUR in CAPEX for the construction of a new terminal required over the next two years for the expansion and operation of the Antalya Airport (“AYT” or “the Airport”). The IFC loan (150m Euro) would be part of an overall EUR1.75 billion loan financing package, backed by a 50-50 several sponsor guarantee. Remaining tenure of the bridge loan is 1,25 years.  AYT has been under operation since 1960. It covers an area of 13 km2 and is located 3 km northeast of the Muratpasa District Centre of Antalya Province in Mediterranean Region of Türkiye. The airport stands 60 meters above the sea level and is surrounded by agricultural lands and settlements.The company will be responsible for the terminal operations of AYT for a term of 25 years starting from 2027, excluding air traffic control and airside management which will continue to be operated by DHMI which is the entity responsible for the management of the airports in Türkiye and the regulation and control of Turkish airspace. Until the takeover date, FTA will undertake a CAPEX expansion program including a construction period of 36 months. The CAPEX expansion program covers i) airside works of additional apron space, apron for new hangar area; additional taxiways; all infrastructure works for new maintenance hangar area and catering  and hydrant system; ii) terminal works of expansion of International Terminal 2, expansion of Domestic Terminal (T4); and related car parks, Multi-storey car park with roof heliport; and iii) other works including offices and lounges and general aviation terminals, DHMI housing, mosque; access roads, access gates, landscaping and new utility center, wastewater treatment facility, energy distribution lines, and solar farm with 4 MW installed capacity. The joint venture (JV) of TAV Construction and Sera Yapi (“ATS”) has been selected as the Engineering, Procurement and Construction (EPC) Contractor of the expansion works and the EPC agreement was signed end of May. Associated facility (AFs) of the project is the new fuel farm to be funded, built and operated by a third party with 80,000 m3 storage capacity in the northern part of the AYT replacing the existing fuel farm with 37,000 m3 capacity located within the AYT.                                                 

Investment Description
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