The International Finance Corporation (IFC), which is part of the World Bank group, has endorsed the government’s process of awarding the development and management of Male’ International Airport to Malaysia Airports Holdings and GMR Group.
The IFC was the Lead Transaction advisor to the government during the 18 month process to find a suitable partner to upgrade and manage the capital’s new airport.
In a statement issued on Wednesday, the IFC said it had “worked closely with the government, Maldives Airport Company Limited and the Civil Aviation Department to launch an international, transparent and competitive bidding process.”
“The IFC has completed its task of assisting the government of Maldives to attract private investors to upgrade and modernize Male’ International Airport. The winning bidder will modernize airport infrastructure and facilities to improve efficiencies, provide better services and boost the country’s tourism potential,” said the IFC.
“Male’ International Airport requires immediate physical infrastructure improvements to sustain tourism. The tourism sector is a major contributor to the country’s economic sustenance and improvements planned at the airport are critical to its continued growth,” the IFC added.
“Private investors are expected to bring international managerial capabilities and best practices to help the airport operate at full potential, while safeguarding the interests of shareholders, customers and employees,” the IFC said.
Mifzal Ahmed of Invest Maldives said the IFC’s statement highlighted that the process to attract investments to upgrade the airport was “open, honest, transparent and competitive.”
“We are very happy with the way the process was carried out. The highest international standards and best practices were adhered to throughout,” Mifzal added.
“The Maldives can now look forward to a 21st Century, state-of-the-art airport. The new airport will allow for more flights, reduce overcrowding and speed up airport check in. The new airport terminal will include a piazza with new shops, cafes and restaurants that everyone can enjoy. New transport links also mean that people living in Hulhumale’ will be able to drive to the airport in just five minutes,” said Mifzal.
The IFC has experience in helping state-owned enterprises attract private investment in the air transport sector. The IFC has previously worked on airport projects including Queen Alia International Airport in Jordan and King Abdulaziz International Airport in Saudi Arabia.
Click below, to read IFC press statement.
