IFC acquires Tunisian airport project stakes

The International Finance Corporation has acquired a 15 percent stake in airport concession company TAV Tunisia for €28m. The company is currently involved in developing the first two airport PPPs in North Africa.

The International Finance Corporation (IFC), which is part of the World Bank, has today acquired a 15 percent stake in TAV Tunisia, an airport concession company.

IFC is paying TAV Tunisia’s parent company, Turkish company TAV Airports Holding, €28 million for the interest.

TAV Tunisia is currently in the process of rehabilitating Monastir Airport in north-east Tunisia and building a new airport at Enfidha, which will be the country’s largest with an initial capacity of seven million passengers per year. The company is set to operate both airports under 40-year concession agreements, representing the first airport PPPs in North Africa.

Last year IFC arranged a €398 million financing package for TAV Airports, comprising long-term loans of €135 million and a €255 syndicated loan underwritten by ABN, Société Générale, and Standard Bank.