PROJECT

Projects

Environmental & Social Review Summary

Project Number

50035

Company Name

FRAPORT TAV ANTALYA YATIRIM YAPIM VE ISLETME A.S.

Date ESRS Disclosed

May 29, 2025

Country

Turkiye

Region

Central Asia and Turkiye

Last Updated Date

Nov 21, 2025

Environmental Category

A - Significant

Status

Active

Previous Events

Approved : Mar 14, 2025
Signed : Apr 11, 2025
Invested : Apr 29, 2025

Sector

other

Industry

other

Department

Regional Industry INF MCT

Project Description

 The proposed investment is a long-term project finance (LTF) facility of up to EUR 300million to refinance the existing bridge loan to Fraport TAV Antalya Yatirim,Yapim ve Isletme A.S. (“FTA” or “the Company”) committed in two tranches (respectively #46443 and #48780) in March 2023 (EUR 150million) and March 2024 (EUR 75million). FTA is 51% owned by TAV Airports Holdings and 49% by Fraport AG (“the Sponsors”).

The proposed IFC investment will be part of a EUR2.6 billion LTF package that will (i) refinance FTA’s existing EUR2.3 billion bridge loan for the CAPEX expansion program of the Antalya Airport (“AYT” or “the Airport”); (ii) finance interest payments, fund reserve accounts and other costs to be incurred by FTA.

AYT has been in operation since 1960. It covers an area of 13 km2 and is located 3 km northeast of the Muratpasa District Centre of Antalya Province in the Mediterranean Region of Türkiye. The airport is 60 meters above sea level and surrounded by agricultural lands and settlements.

The Company will be responsible for the terminal operations of AYT for a term of 25 years starting from 1st of January 2027 (the “take over date”), excluding air traffic control and airside management which will continue to be operated by DHMI. Ahead of the takeover date, on, FTA will undertake the CAPEX expansion program which entails a construction period of c. 36 months.

The CAPEX expansion program covers i) airside works of additional apron space, apron for new hangar area; additional taxiways; all infrastructure works for new maintenance hangar area and catering  and hydrant system; ii) terminal works of expansion of International Terminal 2, expansion of Domestic Terminal (T4); and related car parks, Multi-story car park with roof heliport; and iii) other works including offices and lounges and general aviation terminals, DHMI housing, mosque; access roads, access gates, landscaping and new utility center, wastewater treatment facility, energy distribution lines, and solar farm with 4 MW installed capacity. The joint venture (JV) of TAV Construction and Sera Yapi (“ATS” or the “EPC contractor)) has been selected as the Engineering, Procurement and Construction (EPC) Contractor of the expansion works.

An Associated Facility (AF) of the project is the new fuel farm (currently under construction) to be operated by a third party with 85,000 m3 storage capacity in the northern part of the AYT replacing the existing fuel farm with 37,000 m3 capacity located within the AYT.

There are no material changes to the environmental and social (E&S) risks identified and disclosed in November 2022 and in July 2024.                                                  

Overview of IFC's Scope of Review

    IFC’s review of this proposed investment consisted of appraising environmental, health and safety (EHS) and social related information submitted by FTA including: technical details of the project, international Environmental and Social Impact Assessment (ESIA) report (disclosed herewith), including Noise Assessment and Land Acquisition Audit, FTA’s environmental and social (E&S) policies and procedures, human resources (HR) management policies and procedures environmental monitoring reports, emergency response plans, COVID-19 related management response plan and stakeholder engagement plan.

The E&S team conducted a site visit to Antalya Airport between 27th and 29th of July 2022 jointly with the other international lenders. The E&S team visited the current operations, construction works, contractor work areas and accommodations facilities and project utility infrastructure. The site visits also included meetings with Managers of Sponsors; Managers of FTA; FTA’s EHS team, Quality Manager, Communications Department, HR Manager, Security Manager; DHMI; and neighborhood the head of the local village (mukhtar) and representatives from the affected community.

      Update 2024: IFC visited the project site in December 2023 and a subsequent monitoring visit was conducted by the Independent E&S Consultant (IESC) in January 2024, in addition to the review of E&S documentation. The site visits included meetings with the Sponsors and FTA’s staff responsible for E&S, quality, community relations, and HR, as well as the mukhtar of the neighboring community.

 

Update 2025: IFC and the IESC visited the project site in July and October 2024 and in January 2025, in addition to the review of E&S documentation. The site visits included meetings with the Sponsors and FTA’s staff responsible for E&S, quality, community relations, and HR, as well as meetings with the mukhtar (village leader) of the neighboring community and the Project Affected People (PAPs).                                           

E & S Project Categorization and Applicable Standard

Environmental and Social Mitigation Measures

Stakeholder Engagement

Broad Community Support

Environmental & Social Action Plan