PARIS--(BUSINESS WIRE)--This public-private partnership (PPP) is a state-of-the-art infrastructure which meets international standards of excellence and will make Madagascar an airport and tourism hub in the Indian Ocean. The commissioning of the terminal is a strong signal for the tourism sector and demonstrates Meridiam's commitment to support the government's actions for a sustained economic recovery. This project contributes concretely to the UN Sustainable Development Goals.
A modernization that contributes to Madagascar's development
The official opening of the new terminal at Ivato International Airport, a main gateway to the country, takes place the day after the signing of the new concession agreement between the Malagasy authorities. This modernization of one of the pillars of Madagascar's economic development is part of the government's strategy to revive the economy and accelerate tourism activity on the island. Before the health crisis began, tourism contributed 16% of the country's GDP and provided employment for more than 800,000 people (3% of the population)1. These new facilities will improve the user experience and will focus on increasing Madagascar's attractiveness as a tourist destination. It is estimated to allow the airport to welcome more than 1.5 million passengers per year, compared to 850,000 in 20162.
The concession contract, which provides for a 28-year operating period, has been the subject of an amendment between the various parties. The agreement between the government and the members of the consortium provides for a significant upward revaluation of the fiscal benefits for the State to nearly 400 million euros over the duration of the concession.
International expertise in the construction of state-of-the-art infrastructure
With its international experience in the management of sustainable mobility infrastructures, Meridiam will contribute and share its expertise in addition to the investments of more than €200 million made during the construction phase.
The commissioning of the new 17,500 sqm terminal will allow for smoother airport traffic and the welcoming of new international airlines to Madagascar, which is becoming an increasingly popular destination for tourists3. Waiting time will be considerably reduced thanks to the presence of multiple new counters, thus facilitating transit formalities at Ivato. The new international terminal has also received health accreditation from the Airport Council International (ACI)4.
The airport's new capacity will allow it to increase the number of weekly services while providing a welcoming environment that meets international standards for the more than 1.5 million travellers it will be able to accommodate annually. The unique architecture of the international terminal will also make it a pleasant living environment, a showcase of Malagasy flora and culture, serving Madagascar's economic and tourism development. This project is expected to create more than 300 new jobs in addition to the more than 1,000 direct and indirect local jobs already created.
"With this new international terminal, Madagascar will have a state-of-the-art infrastructure that meets the best international airport standards. It is also a pleasant living environment, a showcase for Malagasy flora and culture. At the service of economic development, it will allow to accompany the effective recovery of the tourist activity on the island" said Thierry Déau, Founder and CEO of Meridiam.
About Meridiam
Meridiam was founded in 2005 by Thierry Déau, with the belief that the alignment of interests between the public and private sector can provide critical solutions to the collective needs of communities. Meridiam is an independent investment Benefit Corporation under French law and an asset manager. The firm specializes in the development, financing, and long-term management of sustainable public infrastructure in three core sectors: sustainable mobility, critical public services and innovative low carbon solutions. With offices in, Addis Ababa, Amman, Dakar, Istanbul, New York, Luxembourg, Paris, Toronto and Vienna, Meridiam currently manages US$18 billion and more than 100 projects to date. Meridiam is certified ISO 9001: 2015, Advanced Sustainability Rating by VigeoEiris (Moody’s), ISO 37001 Anti-Corruption certification by AFNOR and applies a proprietary methodology in relation to ESG and impact based on United Nations’ Sustainable Development Goals (SDGs).
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1 https://set.odi.org/wp-content/uploads/2020/04/Economic-impacts-of-and-policy-responses-to-the-coronavirus-pandemic-early-evidence-from-Madagascar-2.pdf
2 https://www.airportsdata.net/airport-TNR/
3 https://amusementlogic.com/general-news/madagascar-a-developing-tourist-destination/
4 https://aci.aero/programs-and-services/airport-operations/aci-airport-health-accreditation-program/
