State guarantee shock to third airport

State guarantee shock to third airport
3 with great risks in terms of auction price. the airport was now a 'frenzy project' with much sharper risks.

We have written various articles about the third airport to Istanbul. The project, which is the largest privatization in the history of the Republic with 36.5 billion euros, is vitally important as well as economically. The AK Party's construction and urban rent-based growth model can be sustained ahead of the critical elections in the next two years. The series is located in the heart of the crazy projects of the giant building complex.

The third airport, KanalIstanbul, will be the satellite cities that will rise next to the 'crazy projects' abil Today, the construction sector to enter into a huge dead end due to wrong calculations, and to ensure the continuation of urban rent bir Direct and indirectly created new job sites, employment growth, gain and purchasing power eler And ultimately it stands out as one of the biggest trumps of the AK Party for the continuation of economic growth and political success ve Not only the AK Party, but the fate of the capital groups that support the power is shaped around these projects.

going well almost everything initially in terms of projects, the last two months before the obstinate in Gezi Park events ... then interest rate increase releases of the US Central Bank ... And finally the rapidly changing perspective against in terms of global investors in developing countries like Turkey ... Overall the crazy projects, and in particular the third airport was a great misfortune.

Limak's boss Nihat Özdemir and Cengiz İnşaat, the bidding champion, who took the lead role in almost every public investment in recent years, and the third airport that the five-star investment group, including Cengiz İnşaat, took şampiyon . The inquiries are extremely normal because the changing conditions in the two months have increased the final cost of the project between 6-7 billion dollars. The third airport, which already carries great risks in terms of the tender price, has now become a büyük frenzy project şimdi with much sharper risks.

All this, while the group that won the tender, the biggest force behind the project, the 6.4 billion-euro state guarantee often expressed. However, a banker friend who followed the tender process from the beginning gave such information mas I started to believe that the airport is almost impossible to do.

The view of bankers is changing

Let me briefly note that: veril The 6.4 billion-euro state guarantee will be given in the first 12 year after the airport is opened. Passenger guarantee to work before the 7 billion-euro investment is required to finish. And then you have to pay 1 billion 45 million euros rent each year. In addition, we estimate that the annual operating cost will be around 450 million euros. To sum up, the winning groups are at risk of a total of 12 billion euros in the first 12.5 year, including 7 billion euros rent, 5.4 billion euros construction cost, and 25 billion euros operating expense. Yes, we have a state guarantee of 6.4 billion euros. But first they need to be able to do these things ecek In order for banks to lend, bankers must convince the bankers that they will be able to get state guarantees. However, the only thing they have is the equity of 2 billion euros. Buna

When I put together earlier explanations of my banker friend and Nihat Özdemir, it turned out that their point of view was diametrically opposed. The banker is looking at the opposite direction of Özdemir's direction. This is already our problem bakış Now the perspective is changing.

Personally I'm not as pessimistic as the banker. The AK Party will insist on this, it will try to make various gestures to the winning groups. But then the philosophy of the work will become totally questionable in terms of politics, the project will become a political symbol zaman

Source : I

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