Quick Facts

Where the impacts of the investment may be experienced.
  • Madagascar
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Multilateral Investment Guarantee Agency (MIGA)
Status: Proposed
Bank Risk Rating: A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-11-21
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: Bouygues Batiment International S.A.S.</br>Colas S.A.</br>Meridiam Infrastructure Africa Fund FIPS</
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
  • Infrastructure
Investment Amount (USD): $ 85.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

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Primary Source

Original disclosure @ MIGA website
Updated in EWS: 2017-10-12
Disclosure Date: 2016-10-24
Madagascar Airports

Project Description
This summary covers equity and shareholder loan investments by Aéroports de Paris Management S.A, Bouygues Bâtiment International S.A.S., Colas S.A. and Meridiam Infrastructure Africa Fund, Meridiam Infrastructure Africa Parallel Fund FIPS, Meridiam Infrastructure Africa Parallel Fund SCsp into Ravinala Airports S.A. in Madagascar. The investors have applied for a MIGA guarantee of US$85 million (EUR75 million) for a period of up to 15 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract. The project consists of the financing, rehabilitation/ expansion, operation and maintenance of the Ivato airport in Antananarivo and the Fascene airport in Nosy Be, currently being managed by the state-owned enterprise Aéroports De Madagascar (ADEMA). Works include (i) works at Ivato in preparation of the Francophonie summit (expansion of apron and presidential pavilion as well as establishment of a dedicated process path in the existing terminal for arriving/departing delegations), to be held in Antananarivo (the country's capital) at the end of November; (ii) construction of a new passenger terminal at Ivato airport and limited refurbishment works in the existing terminal; (iii) renovation of the runway and Tarmac II to host aircrafts Code E and one Code F at Ivato; (iv) renovation of the runway and limited expansion of the current passenger terminal at Fascene airport; and (v) rehabilitation of landside facilities at both airports, including the construction of new wastewater treatment plants, improvement of the existing incinerator at Fascene airport to meet emission standards, improvement of surface water drainage, construction of a new waste water treatment plant and installation of an oil water separator at Ivato airport
Investment Description
Contact Information
ACCOUNTABILITY MECHANISM OF MIGA The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/
Bank Documents