Timor-Leste, IFC to Build Economy-Boosting Infrastructure
Timor-Leste, IFC Seek Private Sector Partners to Build Economy-Boosting Infrastructure
Dili, Timor-Leste, March 7, 2013 - Supported by IFC, a member of the World Bank Group, the government of Timor-Leste is looking to attract investors for two important projects: a new port construction and an airport expansion. These public-private partnerships will improve existing services and provide new infrastructure, creating opportunities for businesses and users to access better quality facilities, tap into new markets, and generate jobs.
The government, together with IFC, is holding a two-day conference from March 7-8 to provide potential investors with an overview of the projects and tender process. Government ministers will present information about the economy and future investment opportunities in the oil and gas sector.
“This government is committed to delivering infrastructure services as outlined in our strategic development plan,” said Pedro Lay de Silva, Timor-Leste’s Minister for Transport and Communications. “With cargo volumes expected to grow at the port and more passenger arrivals projected in the next few years, both projects are promising options for investors looking to capitalize on the expected growth.”
IFC is supporting the government in the transaction process to select private sector partners who can assist with the financing, construction, and operation of the two projects. A public-private partnership is a government service or private business venture that is funded and operated through a long-term partnership between government and one or more private sector companies.
“IFC is helping the government find long-term private sector investors with the right expertise and ability to partially finance, develop, and operate the airport and port services quickly and efficiently,” said Milissa Day, IFC’s Resident Representative for Timor-Leste. ”The transparent and competitive process will help the government choose a partner that can best deliver on these objectives.”
The upgrade of Presidente Nicolau Lobato International Airport will include the construction of new terminal facilities to serve additional passengers, promoting tourism by making it easier to fly in and out of the country. The new port in Tibar Bay, 10 kilometers west of Dili, will increase cargo capacity and ease congestion in the country’s only operational port, stimulating economic activity by easing the movement of goods.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.