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A total of 13 banks have provided a US$3 billion revolving financing to Grupo Aeroportuario de la Ciudad de México (GACM), a state-owned holding, to develop a new International Airport in Mexico City. This financing package adds to the US$1 billion project financing closed in 2014.

The total project investment is estimated at P169 billion (US$10.2 billion). Project financing has been provided by Banamex-Citibank, HSBC, JPMorgan, Santander, BBVA, Scotiabank, Inbursa, Bank of Tokyo, Credit Agricole, Mizuho, Sumitomo, ING and Sabadell.

Citibank, HSBC and JPMorgan acted as global coordinators of the loan and will be lead arrangers for the bond financing that is expected to follow to provide additional financing needed for this airport project. GACM is looking to raise a total of US$6 billion in structured financing to finance the asset.

Each of these three entities plus Santander added US$300 million to the financing package. The rest was split among the rest of banks.

The project will be financed 58% with public funds and 42% with private funds.

Paul Hastings LLP, a global law firm, has represented the global coordinators, administrative agent and lenders in the US$3 billion bank financing for the airport project.

On 2 September 2014, Mexican president Enrique Peña Nieto announced the development of a new Mexico City international airport. The new airport is being built to replace the existing Benito Juarez International Airport.

The new airport is expected to have one large terminal of 560,000 m² and six runways, two that will be each 4.5 km long and four that will be each 4 km long. It will be developed on land already owned by the federal government in the Zona Federal del Lago de Texcoco, between Ecatepec and Atenco in the State of Mexico, about 10 km northeast of the current airport.

According to the director of GACM, the new international airport is expected to be commercially open on October 20, 2020, with the former airport stopping operations 6-8 hours before.

The architects are Sir Norman Foster and Fernando Romero, son-in-law of billionaire Carlos Slim and architect of the Soumaya Museum.

The new financing will allow GACM to start to award construction packages for the new airport.

Throughout this month we have reported on several airports PPP projects globally:

• Concession for extension and operation of Santiago International airport (Arturo Merino Benítez) - Chile
• Barranquilla International Airport concession - Colombia
• Guarulhos International Airport concession in São Paulo - Brazil
• Concession of Tancredo Neves International Airport (Confins) - Brazil
• Viracopos airport concession -  Brazil
• Concession of Rio de Janeiro / Galeão International Airport - Brazil