Salem Radio Network News Saturday, October 16, 2021

Business

TAV Airports-led consortium raises $300 million in loans for Almaty airport

ALMATY (Reuters) – A consortium led by Turkey’s TAV Airports has raised $300 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 $78 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.

(Reporting by Olzhas Auyezov; Editing by Ramakrishnan M.)

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