BNDES approves $238m Brasilia loan

By Doug Newhouse |

The Brazilian Social and Economic Development Bank (BNDES) has approved a $238m (BR$488m) bridging loan to Inframérica, the new concessionaire redeveloping Brasilia Airport.

This loan is expected to kick start the expansion, maintenance and operation of the Brasilia–Presidente Juscelino Kubitschek International Airport in the Federal District, Brazil. This is the fourth largest in Brazil according to Brazilian Airports Authority Infraero and represents an important link between the North-Northeast and South-Southeast regions due to its privileged location in the Midwest.

The consortium, led by Infravix and Corporación America, won the auction for the Brasilia Airport concession in February 2012 and the same private shareholders of Inframérica also successfully bid for the construction and operation of the first federal airport to be granted to the private sector, the São Gonçalo do Amarante Airport. This is to be constructed in the state of Rio Grande do Norte, for which the BNDES has already approved Br$329.3m ($160.5m) in funding.


The financial structure of the Brasilia Airport project also involves long-term financing, to be structured as project finance, although the terms of financial support depend on the analysis of the project presented by Inframérica, which is currently underway in BNDES.

Inframérica now aims to increase passenger capacity from 15.4m in 2011 to 20.7m in 2014, the year of the World Cup. In 2016, the year in which Rio will host the Olympic Games, capacity is expected to reach 24.4m, and in 2021 and 2031, capacity will reach 31.3m and 38.8m, respectively. In order to achieve this, the number of jetways will increase from 13 to 28 by 2014 and the concessionaire plans to implement 38 jetways by 2021, and 47 by 2031.

The BNDES adds that the consortium also intends to transform the entire airport area into a commercial hub with the construction of a hotel, convention centre and offices. According to Inframérica, 400 direct jobs and 2,000 indirect jobs will be created in the construction phase. During actual operation of the airport, 576 direct jobs and 1,000 indirect jobs are expected to be created.

Inframérica is a special purpose entity (SPE) that includes Inframérica Participações S.A. (formed by the Brazilian company Infravix and the Argentine company Corporación America S.A.) and Infraero (the Brazilian Airport Infrastructure Company).


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