Company name

Coriport S.A.

Project number

CR3941A-02

Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.

E&S category
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B

Country

Costa Rica

Sector

Transport

Status

In implementation

Disclosed date

12/18/2014

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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02/10/2015

Approval date

03/17/2015

Signed date

07/27/2015

Sponsoring entity

Not applicable

Team leader

Alvarado Blando, Gloriana

Investment type

Syndicated amount

USD $ 10,000,000

Financing amount

USD $ 12,000,000

Currency

USD

Project scope and objective

Coriport is a special-purpose company that won an international public tender to build and operate the new passenger terminal of the Daniel Oduber Quirós International Airport (“AIDOQ”) in Liberia, Guanacaste province. AIDOQ is the second largest international airport in Costa Rica and is strategically located in an area with much tourism and other economic activities. Coriport is composed of two well-known and experienced firms in the international aeronautics sector: ADC & HAS, from the US, and MMM Aviation Group S.A., from Canada, as well as a number of prestigious local and international minority investors.



The basis for this new IIC operation is Coriport’s need to move up by two years the timetable for the capital investments needed for certain construction projects and equipment for the terminal, as well as expansion of the main boarding gates. This will be achieved mainly through refinancing of financial liabilities to slightly extend the term for maturity of the initial loans, although it will remain within the period approved in the concession agreement.



These investments will enable Coriport to serve between 45% and 60% more passengers during the high season months, but especially during peak traffic times for international flights, which generally tend to be concentrated in specific periods of a few hours each day A large majority (95%) of the flights that land in Liberia come from airports that operate as international hubs, which limits the airport’s flexibility as far as being able to space out the arrivals and departures of flights to and from the airport. 



Another of the IIC’s objectives for this new operation—this objective a long-term one—is to consolidate the recovery and growth of the tourism sector in Guanacaste as a destination in Latin America. The coming years are expected to see the opening of at least 4,000 high-end hotel rooms in AIDOQ’s area of influence. These hotels will continue to invest and create jobs in rural areas that are relatively remote from the traditional opportunities that can be found more easily in the urban areas of the country.


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Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.

ENVIRONMENTAL AND SOCIAL REVIEW

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Contact information

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