Presentation on theme: "Chisinau International Airport Modernization Project II."— Presentation transcript:
Chisinau International Airport Modernization Project II
Anticipating the eventual financing, the EBRD asked the German Company Dorsch Consult DC Airports to perform a technical survey. In 2008, at the EBRDs request, the Dutch Company Netherlands Airport Consultants, NACO B.V. carried out a feasibility study, and the British Company AEA Energy & Environment carried out an environmental audit. All the expenses of EUR 241,000 were integrally borne by the financing banks and the grants which had been obtained by them. The objective of the studies in question was to make an analysis of the Enterprises technical, financial, economic and procurement situation for assessing the necessary investment programs. In December 2008, the EBRD and the European Investment Bank (EIB) have signed with the Chisinau International Airport loan agreements with total amount of Euro 47,25 million.. PROJECT EVOLUTION
HISTORICAL OVERVIEW Within the period of 1998-2001 it has been carried out the 1st Airport Modernization Project. The Project cost was estimated at about USD 12 million, being jointly financed by the European Bank for Reconstruction and Development (EBRD) in the amount of around USD 9 million and the Government of the Republic of Moldova – USD 3 million. The EBRD loan was due for repayment by the end of 2011. This financing was granted under sovereign guarantee and completed successfully, being reimbursed four years earlier in January 2007. In 2006, the Airport has initiated negotiations with the EBRD concerning the granting of a second loan for financing the Airport infrastructure modernization. This loan is considered to be used on financing the runway and taxiway rehabilitation, engineering works, aerodrome equipment procurement as well as the extension of the existing passenger terminal or the construction of the second terminal. The stringent upgrading necessity has arisen as a result of continuously increasing passenger traffic flow (by approximately 25% per year, in 2007 the number of the serviced passengers doubled in comparison with the year 2003) and the higher international standards for the modern aircrafts service.
Main components of Chisinau Airport Modernization Project: reconstruction and extension of the airside facilities including: - runway - taxiways - apron refurbishment and modernisation of aviation ground lighting,including apron power supply and installation of stationary aerodrome power supply for aircraft; electrical equipment modernisation of the transforming stations and modernisation of drainage system extension and reconstruction of the existing passenger terminal or construction of a new passenger terminal procurement of aerodrome equipment.
PROJECT COSTS ItemEUR (million) 1.Civil works for: - runway rehabilitation - taxiway, Aprons and Ramps rehabilitation, including airfield lighting - extension and reconstruction of the existing passenger terminal or construction of a new one 37 2.Procurement of aerodrome equipment 2 3.Refinancing of Existing Debt 6.5 4.Project Implementation Assistance and Works Supervision 1.50 5.Preparation of Master Plan 0.25 Total Project Cost 47.25
Financial Plan EUR (million) Senior Debt EBRD25.5 EIB 20 Total Senior Debt44.5 Technical Co-Operation (NIF)1.75 Total Financing 47.25