EBRD supports refinancing for key Turkish airport

This article is brought to you in association with EBRD.

• €315 million loan to Fraport TAV Antalya Yatirim Yapim ve Isletme
• Loan will enable refinancing of a bridge loan, increasing the company’s resilience
• Project will also support diversity and inclusion in the sector

The European Bank for Reconstruction and Development (EBRD) is providing a senior A/B loan of €315 million to Fraport TAV Antalya Yatirim Yapim ve Isletme, a joint venture between Fraport AG and TAV Airports that was established in Türkiye for the purpose of operating Antalya Airport under a new 25-year concession.

The loan forms part of a €2.5 billion debt package. The proceeds will be used to refinance a bridge loan that Fraport TAV Antalya Yatirim Yapim ve Isletme raised from commercial banks and development finance institutions to cover the period 2022-24, as well as covering the associated financing expenses.

An A/B loan enables co-financing partners to participate in an EBRD loan, while the EBRD remains the lender of record for the entire loan.

Refinancing that bridge loan will enable Fraport TAV Antalya Yatirim Yapim ve Isletme to switch from temporary financing to a stable, long-term project finance loan, which is important for a large-scale infrastructure project of this kind. Antalya Airport is a major asset for the Turkish economy – currently the third largest airport in the country and one of the fastest-growing airports in Europe over the last two decades, serving nearly 250 destinations. It has significantly enhanced regional connectivity by establishing itself as a key gateway to the Turkish Riviera for passengers from Europe and the Middle East.

This project will also increase opportunities in the airport services sector through the development and introduction of a new nationally accredited training programme, as well as more inclusive procurement and HR policies to contribute to highly skilled and diverse human capital in the sector.

Ekaterina Miroshnik, the EBRD’s Head of Infrastructure, said: “We are proud to be helping Fraport TAV Antalya Yatirim Yapim ve Isletme to strengthen its financial resilience through this landmark refinancing, which ensures continued stability and growth in a strategically vital sector. Just as importantly, this investment marks a meaningful step forward for inclusion in the aviation industry, paving the way for more opportunities, broader participation and a stronger future for all.

Michael Reusch, a member of the Board of Fraport TAV Antalya Yatirim Yapim ve Isletme nominated by Fraport AG, said: “Partnering with the EBRD on this refinancing initiative is pivotal for strengthening Antalya Airport’s financial foundations and supporting its growth as a key gateway to the Turkish Riviera. This collaboration underscores our commitment to sustainable development in Türkiye’s aviation sector, paving the way for enhanced infrastructure and workforce opportunities.”

Burcu Geriş, TAV Airports’ CFO and Deputy CEO, and a member of the Board of Fraport TAV Antalya Yatirim Yapim ve Isletme, said: “We are happy to have partnered with the EBRD and successfully concluded the long-term financing of the Antalya Airport project.

This signing coincides with the opening of the new facilities. Antalya is the largest tourism destination in the Mediterranean and Türkiye’s second busiest hub in terms of international traffic. This is a strategic investment that will provide the necessary infrastructure to support the region’s long-term development. The refinancing is a show of trust in the project, our successful track record and Türkiye’s tourism industry.”

The EBRD is one of Türkiye’s key investors, having committed more than €22 billion in the country since 2009 through 482 projects and trade finance limits, most of it in the private sector.