İstanbul Airport operator mandates London-based lender for refinancing: report

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An employee looks over towards the control tower of the Istanbul New Airport under construction on April 13, 2018, during press tour in northern Istanbul. - The inauguration of the airport, a Grimshaw design in collaboration with an international architectural team, is planned to to take place in October 2018. (Photo by OZAN KOSE / AFP)

Turkey’s İstanbul Airport operator IGA mandated the London-based Dome Group for the refinancing of loans it took out for the investment, the company said in a statement to Reuters on Tuesday.

The mandate was aimed at reducing the financing costs of the airport project, which started operating at full capacity in April, the company said.

The amount to be refinanced by the airport operator could reach up to 5 billion euros ($5.56 billion), a source close to the matter told Reuters.

The airport’s construction drew serious criticism from Turkish opposition parties, which claimed corruption in tenders and sparked protests among laborers, who complained about harsh working conditions and a surge in work-related deaths.

In February Kolin Construction applied to Turkey’s Competition Authority to relinquish its shares in İGA, the consortium established for İstanbul’s new airport.

Turkish Minute

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