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IFC to Help Bhutan’s Drukair Offer Improved, Affordable Services to Passengers
In New Delhi:
Minakshi Seth
Phone: +91 11 4111 1000
E-mail: mseth@ifc.org
Bhutan, February 19, 2009 ─ IFC, a member
of the World Bank Group, will work with Bhutan’s state-owned airline,
Drukair, to review the airline’s operations to increase efficiencies and
provide better services to passengers at affordable cost.
The agreement with Drukair and its parent
company, Druk Holding and Investments, marks IFC’s first infrastructure
advisory project in Bhutan. IFC will evaluate the airline’s finances and
operations and make recommendations that can help Drukair operate at its
full potential, including exploring
the possibility of attracting private investors.
Bhutan is a landlocked, mountainous country.
The natural limitations of its international airport at Paro limit take-off
and landing options to daylight hours and good weather conditions. As a
result, aircraft spend significant time on the ground. Not surprisingly,
Drukair is the only airline that operates in Bhutan, despite bilateral
agreements with neighboring countries like Nepal, Thailand, and India.
“With IFC’s global expertise, we will be
able to benchmark Drukair against international best practices,” said
Karma Yonten, CEO of Druk Holding and Investments. “We also hope to use
IFC’s study and its recommendations to create the right environment for
promoting international connectivity.”
Paolo M. Martelli, IFC Director for South
Asia, added: “Through this first infrastructure advisory project for IFC
in Bhutan, we hope to pave the way for partnering with the country in its
objectives of creating jobs and boosting overall economic growth.”
IFC has experience in helping
state-owned enterprises attract private investment in
the air transport sector, including Kenya Airways and Polynesian Airlines.
About IFC
IFC, a member of the World Bank Group, creates
opportunity for people to escape poverty and improve their lives. We foster
sustainable economic growth in developing countries by supporting private
sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.
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