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30 June 2010 - Gide Loyrette Nouel has advised International Finance Corporation and the government of Maldives on a groundbreaking public-private partnership project for the Republic of Maldives:
Gide Loyrette Nouel (GLN) has advised IFC (a member of the World Bank Group) and the government of Maldives on the concession project for Malé International Airport Project, which was successfully concluded on 28 June 2010. The project entails the expansion and modernisation of Malé International Airport which is currently one of the fastest growing airports in the region and which represents a strategic asset for Maldives' high-end tourism-driven economy.
The project centres around a 25-year concession agreement for the upgrading, expansion, modernisation, operation and maintenance of the airport which has a current annual capacity of 2.6 million passengers.
The office of the President of the Republic of Maldives noted that it is vital to increase the capacity of the airport, "Managing an airport professionally would require trained staff. Using the public-private partnership model will increase the efficiency of the airport. The experience from the privatized airports, throughout the world is also admirable.”
The President’s office further added that, "A highly developed airport in the Maldives would also bring benefits for other businesses in the country and will bring financial investments to the country, which would not come from the government’s already stretched resources."
The GMR-MAHB consortium (respectively a leading Indian infrastructure group and a major airport operator from Malaysia) was awarded the project following an international competitive tendering procedure.
GLN's Paris office acted as lead counsel on this project with a team consisting John D. Crothers, partner, and Fabien Lanteri-Massa, associate.
The estimated total value of the project is approximately USD 400 million.
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