Turkiye: Antalya Airport Expansion Project (Long Term Facility) (AIIB-000909)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Turkiye
Geographic location where the impacts of the investment may be experienced.
Specific Location
Antalya
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
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
Mar 20, 2025
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.
Borrower
TAV Havalimanlari Holding A.S., Fraport AG Frankfurt Airport Services Worldwide
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Industry and Trade
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 221.51 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 202.5
Converted using 2025-03-18 exchange rate.
Loan Amount (USD)
$ 221.51 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 202.5
Converted using 2025-03-18 exchange rate.
Project Cost (USD)
$ 4,156.78 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 3800
Converted using 2025-03-18 exchange rate.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ AIIB website

Updated in EWS Mar 26, 2025

Disclosed by Bank Mar 18, 2025

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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 AIIB, the objective of the project is to contribute to Antalya Airport's sustainable development and connectivity enhancement through the provision of a long-term project finance loan.

The proposed 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 proposed 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 proposed 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.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by Bloomberg, Fraport IC Ictas Antalya Havalimani Terminal Yatirim ve Isletmeciligi Anonim Sirketi provides airlines services. The Company offers passenger transportation, flight information, baggage, and hotel services. Fraport IC Ictas Antalya Havalimani Terminal Yatirim ve Isletmeciligi serves customers globally.

Fraport AG Frankfurt Airport Services Worldwide offers airport services. The Company operates the Frankfurt-Main, the airport in Lima, Peru, and the international terminal in Antalya, Turkey. Fraport also provides services to domestic and international carriers including traffic, facility and terminal management, ground handling, and security.

TAV Havalimanlari Holding AS is an airport operator. The Company operates in airports in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia and Latvia. TAV Havalimanlari provides service in all areas of airport operations such as duty-free, food and beverage, ground handling, IT, security and operations.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Fraport Parent Company Transport owns Fraport TAV Antalya Yatirim, Yapim ve Isletme A.S. Client Transport
TAV Airports Holding Parent Company Transport contracts with Fraport Parent Company Transport
TAV Airports Holding Parent Company Transport owns Fraport TAV Antalya Yatirim, Yapim ve Isletme A.S. Client Transport

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.

AIIB Team Leader:

Igor Popkov - Senior Investment Officer
Email: igor.popkov@aiib.org

Nurzhan Serik - Investment Officer
Email: nurzhan.serik@aiib.org

Borrowers -

TAV Havalimanlari Holding A.S.:

Doruk Karabulut - Director, Project & Corporate Finance
Email: doruk.karabulut@tav.aero

Fraport AG Frankfurt Airport Services Worldwide:

Michael Reusch - Head of Asset Management
Email: m.reusch@fraport.de

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html

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