TIF to invest up to $20 million in Almaty airport modernization

The Turkic Investment Fund (TIF) plans to allocate up to $20 million for the reconstruction and modernization of Almaty International Airport as part of a major international financing package worth $670 million, arranged by Bank of America (BofA), Report informs, citing TIF.

The fund's financing will form part of the main loan package.

The funds will be used to upgrade the runway and airfield infrastructure, expand cargo terminal capacity, improve operational efficiency and bring the airport in line with higher environmental standards.

Almaty International Airport is the largest aviation hub in Central Asia, handling around two-thirds of Kazakhstan's air cargo traffic. The airport is the home base of Air Astana and serves as a strategic link in the Trans-Caspian International Transport Route, also known as the Middle Corridor, connecting China with Europe.

The airport handles more than 11 million passengers annually. Its operations are managed by Turkish holding company TAV Airports.

The transaction marks the TIF's first investment in the transport infrastructure sector and its first participation in a large-scale international syndicated loan. The fund said the project is fully aligned with its mandate to address infrastructure gaps, promote trade and deepen economic integration among Turkic states.

The financing is being provided in accordance with international environmental and social standards (ESG).

"Infrastructure is the foundation of regional integration. By participating in this financing, the Turkic Investment Fund is investing in strengthening connections, creating more resilient trade corridors and supporting sustainable economic growth across the Turkic world," TIF Director General Ramil Babayev was quoted as saying.