Company name
Aeropuertos Ecologicos de Galapagos, S.A.
Project number
11606-01
Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.
E&S category
B
Country
Ecuador
Sector
Transport
Status
Inactive
Disclosed date
08/24/2018
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
12/11/2018
Approval date
N/A
Signed date
N/A
Sponsoring entity
Corporación America Airports, S.A. (“CAPSA”)
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 17,300,000
Financing amount
USD $ 5,000,000
Currency
USD
Project scope and objective
The Seymour Airport, also known as the Galapagos Ecological Airport, on Baltra Island is the airport which attracts the majority of air traffic to the Galapagos. In August 2008, Ecogal was awarded the concession of the Seymour Airport on Baltra Island in Galápagos following an international bidding process. On April 2011, the Dirección General de Aviación Civil (“DGAC”) and Ecogal entered into the concession contract which remains valid until July 2026. The contract includes the obligation of Ecogal to develop, construct and operate the airport in three construction phases of which the first two have already been completed, while the third (consisting of the re-pavement of the entire existing runway and platform) will entail a total investment for approximately US$10.0 million and will be completed by 2021 (the “Capex Plan”).
The proposed financing is a senior loan in favor of Ecogal of up to US$22.3 million consisting of an IDB Invest A Loan of up to US$5.0 million and B-Loans of up to US$17.3 million. The funds will be allocated to: (i) finance up to 50% of the Capex Plan (US$5.0 million); (ii) the redemption of the outstanding balance of the bonds issued by the Company in the local market (up to US$6.5 million); (iii) pay closing expense and funding of a 6-month Debt Service Reserve Account (US$2.8 million); and (iv) payment of accrued but unpaid management fees and accrued but unpaid interest of shareholder subordinated loans (US$8.0 million).
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesFor inquiries, comments and information requests about the project
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