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IFC to Help Modernize Maldives Airport to Sustain Tourism-based Economy
In New Delhi:
Minakshi Seth
Phone: +91 11 4111 1000
E-mail: mseth@ifc.org
Malé, Maldives, August 18, 2009—IFC,
a member of the World Bank Group, will work with the government of Maldives
to modernize the Malé airport to improve efficiencies, provide better services
to passengers, and help sustain the country’s tourism-based economy amid
the global slowdown.
IFC’s advice has been sought to help
Maldives Airport Company Limited attract private investors, structure the
privatized entity, and develop a tariff framework and an appropriate investment
plan. An open, transparent and competitive process will help investors
bring international managerial capabilities and best practices and help
the airport operate at full potential, and safeguard 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. By selling
a significant stake in the Maldives Airport Company, the government is
undertaking the first such initiative to infuse private capital 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.
“Private investors with relevant experience
in other parts of the world will bring immense efficiencies to our services
at the Malé airport, said Mahmood Razee, Chairman of Maldives’ Privatization
Committee. “By partnering with IFC, we will be able to ensure transparency
and competitiveness in the bidding process.”
Vipul Bhagat, head of IFC Infrastructure
Advisory for South Asia, added: “Through this first infrastructure advisory
project for IFC in Maldives, we hope to pave the way for partnering with
the country in generating strong efficiencies boosting tourism and overall
economic growth, as well as in signaling the start of an active privatization
program.”
IFC’s experience in helping state-owned
enterprises attract private investment to upgrade airport infrastructure
facilities includes Queen Alia International Airport in Jordan, King Abdulaziz
International Airport in Jeddah, and the King Khalid International Airport
in Riyadh. The goal is to make better use of resources, create economic
activity, and upgrade the quality of services.
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 $15 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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