Contracts

— and is expected to reduce the strain on the congested Ninoy Aquino International Airport. The project will also help create jobs and increase development in Central Luzon, a growing economic center.

IFC was the lead transaction advisor to BCDA in helping structure and tender both the EPC and O&M contracts. IFC also prepared the project and conducted competitive tenders with support from the World Bank’s Global Infrastructure Facility (GIF).

Vivek Pathak, IFC Director for East Asia and Pacific, said: “This project demonstrates IFC’s willingness to test and try out new PPP models in support of the government’s goal to deliver crucial infrastructure that is key to sustaining the country’s growth momentum.”

He added that the handover of the airport to a globally-recognized operator will also help ensure quality service delivery and boost traffic connectivity to the northern provinces of the country— as well as to the region and the rest of the world.

BCDA President Vince Dizon said, “As the first hybrid PPP airport awarded through a transparent and competitive tender, we are confident that Clark airport will soon be able to welcome more passengers with higher-quality service. IFC’s advice has been instrumental in structuring these transactions, which have become a model for hybrid PPPs in the Phi l i ppi nes.”

Jordan Schwartz, World Bank Director for Infrastructure Finance, PPPs Guarantees and Co-Chair of the GIF’s Governing Council, for his part said, “The GIF is pleased to have supported the BCDA and IFC structure.

It’s truly an innovative solution that brings in strong, private-sector experience in operating airpor t s.”

Over the past 30 years, IFC’s PPP Transaction Advisory team has supported governments in over 100 countries. During this period, eight PPP projects have been successfully implemented with the support of IFC as transaction advisor to the Philippine government.