Manila T3 development enters final phase

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PIATCO (Philippine International Air Terminals Co) in which Fraport (Frankfurt Airport Services Worldwide) is a shareholder together with an international banking consortium has signed the final long-term financing arrangement for the new terminal 3 at Manila's Ninoy Aquino International airport.

A consortium of German banks with ABB Structured Finance, the Asian Development Bank are providing $440m of funding for the project.

Fraport holds a direct 30% share in PIATCO, which is financing, planning, constructing and operating the new terminal as a build, operate, and transfer (BOT) project. In 1997 PIATCO was awarded the operating concession that runs for 25 years. After that period, the ownership of the terminal building will be transferred to the Philippine government. Construction of the new terminal started on June 15 2000. The topping-out ceremony took place on July 24 2001, attended by representatives of the Philippine government.

Scheduled to open by the end of 2002, the new terminal building will have a design capacity of 13m passengers per year.

A team of ten Fraport pecialists, on site in Manila since 1999, is tasked with planning and coordinating architectural, commercial and operational functions. In addition, Fraport experts based at Frankfurt airport provide support to the specialist team in Manila. Fraport consulting activities include support during the project period and the start-up of operations. "This is a further important step in making this international project a success," said Fraport's executive director for finance, traffic and retail Johannes Endler

Manila's new terminal plays a important role as a showcase for BOT projects and as the major national infrastructure project of the Philippines. It seems set to become the primary international gateway to the Philippines and a magnet for business and tourism investment in the future.