The Shareholders of MBJA are the following:

- AGUNSA (35% stake), a leading Chilean company in ship agency and integral cargo services which operates in several countries in Latin America. It also controls the concession for Arturo Merino Benítez International Airport in Santiago;

- Grupo Dragados (35% stake), a diversified Spanish construction, engineering and services conglomerate which was purchased in 2003 by Actividades de Construccion y Servicios S.A., Spain’s biggest construction company. Dragados builds and manages large-scale infrastructure and infrastructure concession projects;

- YVRAS (15% shareholding), which manages 20 airports in seven countries and provides consulting services worldwide. YVRAS is majority-owned (55%) by the Vancouver International Airport Authority, which operates Canada’s second busiest airport; and,

- Ashtrom (15% stake) Israel''s leading private development and manufacturing concern which is involved in a wide range of residential and commercial construction and related activities and is one of the leading construction companies in Jamaica. Ashtrom is the EPC contractor for the proposed project.

The project is the second, and final, phase of a $150 million, multi-year development program at Sangster International Airport (SIA). The cost of Phase 2 is $69.9 million. IFC’s proposed phase 2 investment is a $21 million A loan for IFC''s own account and a $21 million B loan for the account of participants.

21.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	21.0
Equity

* These investment figures are indicative

SIA is located on 232 hectares on the northwest coast of Jamaica, approximately 6 km east of the country''s second major city, Montego Bay.

The concession contract includes performance standards to ensure that SIA is operated at the highest levels of service to all stakeholders (carriers, tenants and users). YVRAS’s participation brings its airport operation and management know-how to Jamaica, with an ongoing transfer of skills to the local workforce. The continued success of this high profile project will encourage other foreign investments and further private sector participation in airports, roads and ports.
IFC''s investment in the proposed project will provide the long-term financing necessary for the concession at a reasonable cost. Although the economic situation is improving in Jamaica, long-term financing is still difficult to obtain on reasonable terms from commercial banks. IFC''s involvement in the project will also act as a catalyst for additional financing through the B loan syndication.

This is a Category B project. The review of this repeat investment consisted of appraising updated technical and environmental information submitted by MBJ, review of the most recent annual monitoring report submitted to IFC, as well as site visits by IFC staff. Environmental and social issues associated with this project are essentially the same as those identified for the original investment, and include:

· Subsurface contamination monitoring;
· Stormwater drainage, including impacts on marine ecosystems;
· Solid waste management;
· Liquid effluents and sewage discharge;
· Fuel/Hazardous materials storage and handling, including emergency response;
· Bird hazards to aircraft;
· Aircraft noise;
· Employee health and safety;
· EHS management systems; and
· Community development.

IFC’s ongoing monitoring of MBJ’s environmental and social performance, and the appraisal carried out for Phase 2, confirms that the Company is meeting the requirements of the original Loan Agreement, including the Environmental Action Plan, and continues to demonstrate that the activities associated with the final phase of the airport expansion will comply with requirements of the Jamaican National Environmental Protection Agency (NEPA) and applicable World Bank Group policies and guidelines.
Location of environmental documents In locally affected community
Environmental documentation will be made available at the following locations:
Administration Office of the Airports Authority of Jamaica at Sangster International Airport and Post Office in Montego Bay.