Frankfurt, Germany (ots)
- The PIATCO (Philippine International
Air Terminals Co., Inc.) project company - in which Fraport AG
Frankfurt Airport Services Worldwide is a shareholder -- and an
international banking consortium have agreed on a long-term financing
arrangement for the new International Passenger Terminal 3 at Ninoy
Aquino International Airport (NAIA) in Manila, the Philippines.
Respective documents have been signed recently. The banking
consortium includes ABB Structured Finance, the Asian Development
Bank, Dresdner Kleinwort Wasserstein, the International Finance
Corporation, Kreditanstalt für Wiederaufbau, Landesbank
Hessen-Thüringen and Norddeutsche Landesbank, and will provide
funding in the amount of $440 million for this project, with terms
ranging between 12 and 15 years.
Fraport AG holds a direct 30-percent share in PIATCO, which is
financing, planning, constructing and operating the new terminal as a
Build, Operate, and Transfer (BOT) project. In 1997, PIATCO was
awarded the operating concession, that runs for 25 years. After that
period, the ownership of the terminal building will be transferred to
the Philippine government. Construction of the new terminal started
on June 15, 2000, on a 65-hectare site previously used by the
Philippine Air Force. The topping-out ceremony took place on July 24,
2001, attended by representatives of the Philippine government.
Scheduled to open by the end of 2002, the new terminal building will
have a design capacity of 13 million passengers per year.
A team of 10 Fraport AG specialists, on site in Manila since 1999,
is tasked with planning and coordinating architectural and
operational procedures. In addition, Fraport experts based at
Frankfurt Airport provide support to the specialist team in Manila.
Fraport AG's consulting activities include support during the project
period and the start-up of operations. "This is a further important
step in making this international project a success," said Fraport
AG's Johannes Endler, Member of the Executive Board and Executive
Director for Finance and Traffic and Retail.
Manila's new airport terminal plays a vital role as an important
showcase for BOT projects and as the major national infrastructure
project of the Philippines. It will be the primary international
gateway to the Philippines and a magnet for business and investment
in the future.
ots Originaltext: Fraport AG
Fraport AG Frankfurt Airport Services Worldwide
Attn: Robert A. Payne - Manager International Press
D-60547 Frankfurt am Main
Phone +49 69 690 78547 (with voice mailbox)
Fax +49 69 690 60548
(click on "Press Lounge")