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IFC Helps Government of Maldives Attract Private Investment to Modernize Malé Airport
In New Delhi:
Minakshi Seth
Phone: +91 11 4111 1000
E-mail: mseth@ifc.org
Male, Maldives, February 22, 2010─IFC,
a member of the World Bank Group, is working with the government of Maldives
to upgrade and modernize the Malé International Airport to improve efficiencies,
provide better services to passengers, and boost the country’s tourism
potential.
IFC, as Lead Transaction Advisor to the government of Maldives, is helping
Malé International Airport attract private investors, by structuring a
concession agreement between the government and investors, and developing
a tariff fixation framework and an investment plan. Private investors are
expected to bring international managerial capabilities and best practices
to help the airport operate at full potential, while safeguarding the interests
of shareholders, customers, and employees.
Maldives copes with severe regional
disparities across its 200 inhabited islands or atolls. The government
is actively pursuing reforms to address these imbalances by enhancing fiscal
resources and evolving its role as an enabler of development. The tourism
sector is a major contributor to the country’s economic sustenance and
improvements planned at the Malé International Airport are critical to
its continued growth.
Through a concession to a private investor
for the Maldives Airport Company, the government is undertaking the first
public-private-partnership initiative to improve governance and profitability
of its state-owned enterprises. This will help the government free up scarce
resources to pursue poverty-alleviation policies and measures.
The tender process, launched with IFC’s assistance in October 2009, is
now in the implementation phase. Six international and experienced airport
operations firms have been shortlisted. IFC and the Maldives government
are getting ready for the launch of the next step of issuing the request
for proposals and other related documents by the end of February 2010.
To learn more about the project, visit www.maleairportprivatization.com.
IFC has experience in helping state-owned enterprises attract private investment
in the air transport sector, including Queen Alia International Airport
in Jordan, King Abdulaziz International Airport in Saudi Arabia, and national
airlines such as Air Vanuatu, Kenya Airways, and Polynesian Airlines.
IFC is the only international financial
institution focused exclusively on the private sector, the engine of sustainable
development in emerging markets. Along with IBRD, it is currently seeking
a capital increase to strengthen its ability to create opportunity for
the poor in developing countries—including by supporting infrastructure
development in countries like Maldives.
To learn more about IFC’s activities in South Asia, visit www.ifc.org/southasia.
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 $14.5
billion in fiscal 2009, helping channel capital into developing countries
during the financial crisis. For more information, visit www.ifc.org.
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