Manas Management Company
MIGA has modified an existing contract of guarantee with Finrep Handles GmbH (Finrep) of Austria increasing the guarantee amount to $5.8 million. This includes coverage of shares and future retained earnings; reflecting a revised 80% shareholding in Manas Management Company and extending the tenor of guarantee by two years. MIGA’s coverage is against the risk of expropriation.
The project has been operating at Manas International Airport since 2001 as the sole licensed provider of cargo handling and storage services, as well as in-flight catering services. The company is based and operates in a strategic cargo and transportation hub with significant growth potential in the rapidly expanding Central Asian market.
The cargo complex at Manas International Airport has enabled the airport to increase the volume of incoming and outgoing airfreight, with broader economic benefits for the Kyrgyz Republic (which has only one international airport). The complex has also provided the necessary infrastructure to improve the capacity of the airport. It was built, and now operates to the IATA standard. This will continue to make the airport a more desirable destination for international airlines, leading to increased air traffic.
MIGA’s continuing support to Manas International Airport is consistent with the World Bank Group’s Joint Country Support Strategy for the Kyrgyz Republic for 2007-2010 and the Kyrgyz Republic’s Country Development Strategy for the same period. The project contributes to the strategic goals of improving the environment for business and economic growth.