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Enfidha Airport in Tunisia

TAV Tunisie (Enfidha and Monastir Airport Concessions) is a EUR563m project involving two inter-related 40-year concessions. The first is to upgrade, operate and maintain the existing Monastir airport, Tunisia's largest airport in terms of passenger traffic and the second being to design, build, finance and operate a new international airport to be located in Enfidha, Tunisia.

Standard Bank's role in the landmark deal was as Arranger and Underwriter of the offshore commercial funding, as well as the Arranger of the offshore currency hedging. In addition, Standard Bank acted as co-financial advisor to the project.

Funding for the project, which should take three years to complete, comes from the Lagos State, which has invested Naira N5bn (US$42 million) in a 20-year mezzanine tranche. The African Development Bank provided N10bn (USD85 million) senior debt over 15 years and local bank lenders provided a 12-year note facility of N9.4bn (US$80 million).

The construction of the new airport will help to accelerate the growth of the tourism industry as well as stimulate employment.

Summary

Sector expertise Infrastructure
Client TAV Tunisie
Deal size EUR563m
Duration 3 years Jan 2008 - 2010
Connections TAV Tunisie, African Development Bank
Noteworthy This was the first public-private partnership in North Africa and the largest private sector investment in Tunisia to date and is a significant deal for the Tunisian government, for TAV Airports and the lenders.