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EAIF to support development works at Madagascar airports

Ravinala Airports, a consortium responsible for the operation of Ivato International and Fascene airports in Madagascar, has received a €25m (US$28m) loan from the Emerging Africa Infrastructure Fund (EAIF) to support terminal and runway improvements.

Projects totaling €215m (US$245m) will see the expansion and modernization of the terminal facilities, as well as the resurfacing and strengthening of the runways.

Ravinala Airports assumed control of the two airports on a 28-year management concession in 2015. The consortium includes investment firm Meridiam; French airport operator ADP Management; and construction and infrastructure firms Bouygues Batiment International and Colas Madagascar.

David White, EAIF chairman, said, “The Madagascar airports projects represent a step change for the country’s economic development drive. Efficient and modern airports are one of the foundation elements of progress. They are significant employers in their own right and catalysts for growth in almost every sector of an economy. In Ravinala Airports we have a highly skilled, globally experienced and strongly motivated private sector airport operator. This is very good news for Madagascar.”

EAIF, managed by Investec Asset Management (IAM), is part of the Private Infrastructure Development Group (PIDG) – a multinational organization that uses private sector investment to provide infrastructure works in developing countries to drive economic growth.

Nazmeera Moola, head of EAIF at IAM, said, “This is the first airport infrastructure project EAIF has supported and one of the most significant in terms of macro and micro economic development. Madagascar’s ability to compete globally, particularly in tourism and trade markets, will be boosted, as will its internal trade potential.”

Written by Daniel Symonds

July 3, 2017


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