IFC, a member of the World Bank Group, will provide $20 million to Corporación Aeroportuaria del Este, SA to expand the Punta Cana International Airport and support the Dominican Republic’s tourism sector.
CAE, which owns and operates the airport, will build a new runway and taxiway suitable for larger aircraft and expand the passenger terminal. The expansion will enable increased passenger capacity, improve services, and diversify destination markets. It also will benefit the local economy by supporting tourism, a key source of foreign exchange and fiscal revenues.
The airport serves top-tourist destinations of the Punta Cana and Bavaro regions and is the country’s busiest and fastest-growing airport. During the first 10 months of 2009, it handled about 3.2 million passengers and accounted for roughly 43.2 percent of total air passengers in the Dominican Republic.
“In 1984, we opened the Punta Cana International Airport, an essential infrastructure project for the Dominican Republic’s economic and social growth,” said Frank Rainieri, President and CEO of Grupo Punta Cana SA, CAE’s shareholding company. “We welcome IFC’s financial support and expertise in this project that will help enhance regional development.” (more…)