SEOUL, KOREA- Incheon International Airport Corp. announced on August 11 that it was named as the primary negotiator for the construction of a new Yangon Airport, which is commissioned by the Department of Civil Aviation under the umbrella of the Ministry of Transportation in Myanmar. The value of the project is estimated at US$1.1 billion.
The IIAC consortium plans to sign a final contract by the year's end and build the new airport by 2018 which will have a capacity of handling 12 million passengers per year. The consortium won the project on a build–operate–transfer (BOT) basis.
Under terms of this deal, it will build and operate the new airport for up to 50 years by 2067. After gaining profits through its operations, IIAC will hand over the right to operate the new airport to the Myanmar government.
The IIAC consortium consists of Kumho Industries, Halla Construction, Lotte Engineering & Construction, and POSCO ICT. The financial support was given by Korea Development Bank and Korea EximBank.
