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News 2008

CIFI Approves US$8 Million Loan To Guayaquil's Airport Concessionaire -TAGSA

Washington, DC-CIFI, a leading Latin America infrastructure financing firm, has announced it approved an US$8 million loan as part of a US$40 million refinancing package also arranged by CIFI. Funds will be used to realign Tagsa's balance sheet and create a more appropriate funding structure, and to finance the Company's 2007 and 2008 capital expenditure program. The US$40 million being raised by CIFI will be complemented with shareholders' subordinated long term loans and a parallel senior loan from a local bank.

About TAGSA Terminal Aeroportuaria de Guayaquil S.A. ("Tagsa"), an Ecuadorian company, was established by Corporación América S.A. (Aeropuertos Argentina 2000) and Dell Air Services (Deller Group of Quito) to act as the concessionaire of the Guayaquil Airport, under a fifteen and a half year concession to build a new international passenger terminal (amongst other works) and operate the airport of Guayaquil, Ecuador. Tagsa began operating the airport in August 2004. Initial investments and operations through December 31, 2006 were completed successfully and the new terminal was inaugurated in August 2006.

 

CIFI is Appointed Lead Arranger And Financial Advisor To Convial Callao S.A. For The Financing Of Phase B And C Of The Convial Callao Toll Road In Lima, Peru

Washington, DC-CIFI, a leading Latin America infrastructure financing firm, has announced it has been appointed as the financial advisor and arranger by Convial Callao S.A. of Peru, to structure a US$22 million long-term loan debt package which will allow the Company to complete Phases "B" and "C" of the concessioned toll-road from Lima to the Jorge Chavez International Airport (Lima). The project is estimated to cost about US$40 million covering Phases "A" (completed), "B", and "C" ("the Project").

 

The International Finance Corporation (IFC) Investment in CIFI

Washington, D.C., July 15, 2008-IFC, a member of the World Bank Group, today announced that it will provide debt financing and acquire an equity stake in Corporación Interamericana para el Financiamiento de Infraestructura (CIFI), a nonbank financial institution that funds small and midsize infrastructure projects in Latin America and the Caribbean. IFC's investment will boost access to finance for such projects, helping develop infrastructure in the region.

IFC's investment consists of a US$20 million loan and a US$9.9 million equity investment. IFC will acquire existing shares from such shareholders as the Inter-American Investment Corporation, which will retain shareholding in CIFI, and the Republic Finance and Merchant Bank. Other institutions, including Caja de Ahorros y Monte de Piedad de Madrid (Caja Madrid), Cordiant Capital, Caixa Geral de Depositos, Intesa Sanpaolo, and BPD Bank, will provide additional loans totaling US$48.5 million.

Roldan Trujillo, General Manager and CEO of CIFI, said, "We are pleased to welcome IFC as an investor and shareholder in our institution, alongside other multilateral financial institutions and leading European and regional commercial banks. We believe that IFC's presence will be important to supporting our growth strategy."

Atul Mehta, IFC Director for Latin America and the Caribbean, said, "We are delighted to partner with CIFI, which has a complementary focus to that of IFC for the development of infrastructure in Latin America and the Caribbean. CIFI has developed an impressive track record by providing incremental long-term financing for small and medium infrastructure projects."

Jacques Rogozinski, General Manager of the Inter-American Investment Corporation, said, "We are proud to see how CIFI has outgrown our expectations since we jointly created it in 2001 with Caja Madrid. We feel our mission has been partially accomplished and we are confident that CIFI, with the strong support from the IFC, will achieve new and bigger milestones. IIC and IFC share the same commitment to the development of smaller private companies in the region and we look forward to developing a strong relationship with IFC to meet this objective."