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Vinci's subsidiary Salvador Bahia Airport and Banco do Nordeste (BNB) have announced to have reached an agreement for a BRL516 million (US$132.14 million) loan to finance the first phase of renovation and expansion works at the airport, which will be completed by October 2019.
The loan term is of 20 years. This will be the first full non-recourse loan implemented for airport financing in Brazil.
VINCI Airports officially took over the operations of Salvador Bahia Airport in early January this year, for a 30-year concession period. The first phase of renovations and expansion work was launched on April 19th and includes a major expansion project and compliance of the existing airside infrastructure, construction of a new departure area and the refurbishment of the existing terminal.
The loan will be granted with resources from the Constitutional Financing Fund of the Northeast (FNE).
According to Nicolas Notebaert, President of VINCI Airports, the operation will transform Salvador Bahia airport into a world-class gateway to the Northeast Region of Brazil, improving passengers experience and providing improved services to airlines alike:
“This is an exciting milestone. Thanks to the support of Banco do Nordeste, we will be able to use our global experience in redesigning the airport experience for passengers and build on air traffic for the benefit of Salvador and the overall economy, tourism and social development of Bahia. This agreement is also further evidence of our ability to provide innovative solutions in the fast-growing Brazilian market, with the right partners and our approach to investments which is just-in-time and fit-for-purpose”.