Monday, 11 March 2013 12:05 Rosie Gogan-Keogh
The Export-Import Bank of Korea could assist Incheon International Airport Corp (IIAC) to finance Yangon's new airport, which is expected to cost up to US $600 million, reported The Korea Herald on March 10.
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| Photo embraer.com |
In July 2012, the Department of Civil Aviation (DCA) invited companies to submit proposals for master-planning of the airport project, which was originally begun by a Korean firm in 1994.
A total of 30 firms from Asia, Europe and the US applied for the pre-qualification. Seven were selected for the next bidding stage based on financial strength, experience, personnel and equipment.
Those included the Incheon Airport Consortium and Bouyeges Batiment International, a consortium of companies from Myanmar, Hong Kong, Singapore and France.
The winning bid is expected to be chosen by June this year and will construct the project through public private partnership, joint-venture or build-operate-transfer in accordance with the Myanmar Foreign Investment Law, said the DCA.
IIAC could seek Korea Eximbank, which has a non-binding agreement with IIAC to support the export of its airport operation know-how, to back its consortium through the policy bank’s Economic Development Cooperation Fund or low-interest loans with long-term maturity, according to the report in the The Korea Herald.
The construction of Yangon's new international airport, the Hantharwaddy International Airport, will be underway by July and is expected to be completed in three years.
Located 48-miles north east of Yangon in the Bago Region, it will be Myanmar's fourth international airport and will have capacity for 10 million passengers annually.
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