Jordan opened a sparkling new airport terminal in Amman this week, a project that is a pillar of IFC’s efforts to support infrastructure development across the Middle East and North Africa.
The terminal at Queen Alia International Airport was opened during a ceremony Thursday that included Jordan’s King Abdullah II and IFC Executive Vice President and CEO Jin-Yong Cai. The $900 million project, which IFC advised on and helped finance, is expected to boost tourism and spur cross-border trade.
"Governments around the world, and especially those in this region, are facing fiscal constraints," said Cai. "By working with the private sector they can spur the development of vital infrastructure projects that will make life better for their people."
The Queen Alia project was recently named the top public-private partnership in Europe, Central Asia, the Middle East, and North Africa by Infrastructure Journal, a leading industry publication.
IFC advised the Jordanian government on a pioneering public-private partnership that led to the construction of the new terminal and the renovation of existing buildings. It also provided $120 million in financing and arranged $160 million in syndicated loans from international lenders.
The airport is one of several IFC projects aimed at developing infrastructure throughout the Middle East and North Africa.
Through a combination of investments and advisory services, IFC is helping to fill the infrastructure gap. During the 2012 fiscal year, we invested $742 million, including $295 million in mobilization. The investments went into a wide range of projects, helping build a hydropower station in Pakistan and expanding cellular coverage in the West Bank and Gaza, as well as other projects. We also launched the Arab Financing Facility for Infrastructure with the Islamic Development Bank to spur investments in major projects.
Meanwhile, advisory services teams have supported a series of groundbreaking public-private partnerships in infrastructure. The Queen Alia project, the first such agreement in the region involving an airport, served as a template for a recent deal to expand a hub in Medina, Saudi Arabia. IFC has also advised the Egyptian government on public-private partnerships to build a water treatment plant in Cairo and two state-of-the-art hospitals in the coastal city of Alexandria. Some of those deals have received international recognition.