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Latin America Investment News on Viva Tropical

El Salvador Issues $70 Million in Securities to Finance Comalapa Airport

Article Summary:

In order to finance the redevelopment of Comalapa International Airport, a plan has been made to issue securities in the Salvadoran market over the next two months.

Photo Credit: Wikipedia

Original Article Text From La Prensa Grafica via Google Translate :

ECA plans to securitize $ 70 million for AIES

The securitization originated by the Autonomous Executive Port Commission (CEPA) could be placed in the Salvadoran market in two months or so.

The autonomous anticipated that this first issue is $ 70 million, said its president, Alberto Arene.

With the resources obtained by this operation, the 30 ECA finance rehabilitation projects, optimization and upgrading of the facilities of the International Airport El Salvador (AIES), valued at the same amount. The worked would be completed by the end of 2013.

Arene confirmed that President Mauricio Funes will sanction reform. Once you have the law, request the securitization-who is administering the fund-securitization submitting bids will be processed and authorized by the Superintendency of the Financial System. “Let’s run so this is done in less time possible,” said the owner.

Between June 2010 and May 2011, the AIES generated $ 12.2 million in net income (before taxes), and between June 2011 and May this year earned $ 13.4 million.

Yicsi Rodriguez AIES manager, estimated that in September the terminal has already generated $ 19 million so “is a profitable company.”

Last year the Salvadoran airport spent two million passengers, when installed capacity is 1.6 million. The airline AviancaTaca moved 52% of all those passengers.

“This information is relevant for all the growth we have projected. As El Salvador one of the four ‘hubs’ is definitely important that we have an infrastructure that we let our ‘hub’ is as efficient as we need it, “said regional manager for the airport AviancaTaca, Rene Diaz.

The legal representative of AviancaTaca, Fidel Chavez Mena, said that the offer to build its own terminal is “a dormant project”, but now will wait for the remodeling project progress.

“The need to give a better service to passengers is clear and that the airport will become a hub of development and create an aerospace cluster,” he said.

The Port Commission estimates that between February and March of 2013 they hope to have ready master plan studies and demand projections. In any case, Arene made clear that the extension of the AIES is a fact.

Link to Original Article:

From La Prensa Grafica

Latin America Investment News on Viva Tropical