31658 - MBJ ROS

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Summary of Proposed Investment

Project Number

31658

Company Name

MBJ Airports Limited

Date SPI Disclosed

Mar 13, 2012

Country

Jamaica

Industry

Infrastructure

Projected Board Date

Apr 16, 2012

Status

Completed

Sector

Air Transportation

Department

Regional Industry - INF LAC

Environmental Category

C - No Impact

Previous Events

Approved : Aug 6, 2012
Signed : Nov 19, 2012
Invested : Dec 28, 2012

Project Description

The proposed project consists of the runway overlay of Sangster International Airport (SIA) and other safety investments (the “Project”). SIA is the larger of the two international airports in Jamaica and is operated under a 30-year concession granted by the government of Jamaica (GOJ) to the project company, MBJ Airports Limited (MBJ). As the principal gateway for tourists visiting Jamaica’s major resorts, SIA is of particular importance to the country’s tourism infrastructure. The GOJ has made its expansion and modernization a high priority. The Project’s rapid implementation is essential to the continued safe operation of the airport.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	7.50
Equity

Development Impact

a) The Project involves much needed investments for the continuous maintenance of SIA''s infrastructure in order to improve safety and ensure operations at the highest levels of service to all stakeholders (carriers, tenants and users).

b) The safety improvements at SIA are essential for the airport to continue supporting tourism in Jamaica, a critical source of revenues for the country''s economy.

c) The continued success of a high profile project like SIA will encourage other foreign investments and further private sector participation in infrastructure concessions in Jamaica.

a) IFC will provide MBJ with a stable source of long-term debt for the Project, in the midst of volatile market conditions and limited ability from commercial lenders to offer adequate financing.

b) IFC is uniquely positioned to finance the Project and enable its rapid implementation, due to IFC''s comprehensive industry knowledge and, in particular, of MBJ''s operations. The cost and complexity of incorporating a new lender into MBJ''s existing debt and legal structure would jeopardize the Project''s implementation under the expected tight schedule.

This is a category C project because the investment activity has minimal incremental environmental and social impacts and risks; no further appraisal or disclosure will be necessary. IFC will continue to supervise performance under the framework established by the original investments. IFC’s ongoing review and supervision of the existing category B investments in MBJ confirms the company is continuing to meet its environmental, health and safety, and social compliance obligations, including compliance with the applicable and relevant IFC Performance Standards. MBJ’s most recent Annual Monitoring Report provided adequate assurance of environmental and social performance, and there are no outstanding follow-up actions. The current Environmental and Social Risk Rating (ESRR) for the project is B – 1 – Good.

Contacts

For Inquiries About the Project, Contact

Ms. Julian Campbell, Director – Finance and Administration
MBJ Airports Limited
Sangster International Airport
Montego Bay
St. James
Jamaica WI

Phone: +1-876-952-2712
Fax: +1-876-940-6591
E-mail: mailto:jcampbell@mbjairport.com

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Local Access of Project Documentation

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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