BNDES approves 489m bridge loan for galeao airport in rio de janeiro
- Banco Nacional de Desenvolvimento Econômico e Social (BNDES)
- Changi Airport Group
The Brazilian Development Bank (BNDES) in late August approved a bridge loan in the amount of R$1.106 billion (US$489 million) for Aeroporto Rio de Janeiro S.A., which operates the Antônio Carlos Jobim (Galeão) airport concession for 25 years.
The amount represents 70% of the expenses for the project's eligible items, which will be incurred in the first 18 months of investment.
The concessionaire is a Special Purpose Company (SPC) controlled by Rio de Janeiro Aeroportos S.A, which holds a 51% stake, and Infraero, holding 49%. Rio de Janeiro Aeroportos S.A comprises Odebrecht Transport Aeroportos S.A. and Changi Airport Group, each holding 50% of the company's shares. The latter operates the Singapore airport, considered the best in the world by several international sector entities.
Until the BNDES approves the long-term loan, the concessionaire will have access to resources in the bridge loan for the initial investments to expand, maintain and operate the airport. Works aimed at modernizing passenger terminals and expanding car parks will be carried out, as well as the investments required in the concession agreement, including increasing the number of departure and arrivals ramps (fingers) and aircraft parking positions.
By 2016, the Antônio Carlos Jobim (Galeão) airport's facilities for passenger departure and arrivals as well as car park spaces will have been expanded almost 100%, and aircrafts positions will have grown 130%. Galeão airport receives annually 17,5 million passengers (the second busiest in the country) and it is projected that it will receive 60 million passengers at the end of the concession period in 2039.