Fraport's Project in Manila Continues as Planned

Frankfurt/Main, Germany (PROTEXT/ots) - Contrary to a reportpublished in "Handelsblatt", Fraport AG continues to participateas planned in the construction of the new InternationalPassenger Terminal 3 (ITP3) at Ninoy Aquino InternationalAirport in Manila, the capital of the Philippines. Fraport AG Frankfurt Airport Services Worldwide holds a direct30-percent share in PIATCO, the ITP3 project company. Inaddition, Fraport holds a 40-percent share in PTI, the futureterminal operating company. Under Philippine law foreigninvestors are not allowed to hold larger shares in any singlecompany. PIATCO has a concession for constructing and operatingthe new terminal for a period 25 years. However, it does nothave the concession for operating duty-free shops. Fraport AG's key role is to transfer its expertise and know-how to this project to ensure the new terminal will meetinternational standards. A team of 20 Fraport AG specialists areon site in Manila for that purpose. The main contractor for theconstruction project is the Japanese Takenaka Corporation.Construction progresses on schedule. PIATCO is currently working on fulfilling the facility-of-payment conditions of the long-term financing arrangement agreedin July 2001. This long-term financing will be provided by aninternational banking consortium led by Kreditanstalt fuerWiederaufbau (KfW), Dresdner Bank, International FinanceCorporation (IFC), and the Asian Development Bank. Corruption allegations set afloat by interested parties arenot linked to Fraport's involvement. An inquiry commissionestablished by the Philippine Parliament confirmed already in2000 that the concession contract had been awarded legitimately.ots Original Text Service: Fraport AG Internet:http://www.presseportal.de

For More Information, PleaseContact: Tanja Engelmann 60547 Frankfurt am Main, GermanyTel.: +49 69 690 -66951 Internet: www.fraport.com

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