TAV Airports-led consortium raises $450 million in loans for Almaty airport By Reuters

TAV Airports-led consortium raises $450 million in loans for Almaty airport
© Reuters. A plane descends before landing at an airport during sunrise in Almaty, Kazakhstan May 14, 2020. REUTERS/Pavel Mikheyev/Files

ALMATY (Reuters) -A consortium led by Turkey’s TAV Airports has raised $450 million in loans to finance upgrades at the airport of Almaty, Kazakhstan’s biggest city, the European Bank for Reconstruction and Development has said.

The EBRD and the International Finance Corporation, an arm of the World Bank, have contributed $150 million each towards the project’s $780 million total costs, the bank said in a statement late on Monday.

The EBRD and IFC are also mobilising equal parallel loans totalling $150 million from the Eurasian Development Bank and German development finance institution DEG.

TAV Airports took over the Almaty airport this year, saying it would double its capacity.

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