Panama Jack
12th Jun 2005, 10:39
CFI, an entity of the World Bank, approved at $30 million medium-term line of credit in an effort to promote sustainable development in the private sector. Grupo TACA intends to use the funds for advance payments of the purchase of Airbus A-320 aircraft.
CFI indicated that this credit constitutes the first of a series of financing schemes for the Central American airline industry, and will benefit TACA as well as other airlines in the region.
CFI indicated that the extensive network of direct flights between Central America and the United States has reduced the cost of airplane travel substantially.
This has helped businesses and tourism access the region.
CFI seeks to aid the Central American countries in their goal to increase competitiveness in the world of globalization.
They added that the inversion by CFI has arrived "just in time, because the signing of the Central America Free Trade Agreement (CAFTA) creates new opportunities for the private sector and the governments of the region."
CFI concede crédito de 30 millones dólares a TACA -
La Corporación Financiera Internacional (CFI) anuncio hoy la concesión al Grupo TACA de aerolíneas de Centroamérica de una línea de crédito de 30 millones de dólares a medio plazo.
Estos fondos se destinarán a los pagos adelantados en la compra de aviones Airbus A-320, según explicó en un comunicado la CFI, una entidad del Banco Mundial (BM) que promociona el desarrollo sostenible del sector privado.
Añadió que este crédito constituye su primera financiación al sector de las aerolíneas de Centroamérica y beneficiará a Transportes Aéreos Centroamericanos (TACA) y a otras empresas de su grupo.
Actualmente, TACA cubre 111 vuelos diarios a 35 destinos en 19 países de América desde sus centros en El Salvador, Costa Rica y Perú.
La CFI señaló que con su "extensa red y vuelos directos desde un gran número de destinos en Norteamérica" ha reducido sustancialmente el coste de viajar por avión desde y hacia Centroamérica.
Indicó que, a su vez, esto ha facilitado que empresas y clientes en viajes de placer puedan acceder a la región.
"En la CFI estamos complacidos con esta asociación con TACA a medida que la empresa se expande y continúa ofreciendo un servicio seguro, eficiente y económico hacia, desde y dentro de América Central", dijo Francisco Tourreilles, director del Departamento de Infraestructura de la Corporación Financiera.
Por su lado, Roberto Kriete, que preside el Grupo TACA, resaltó que esa compañía "está muy complacida por haber cerrado esta transacción con éxito en lo que esperamos sea un primer paso para una larga y fructífera relación con CFI".
La Corporación Financiera manifestó que busca apoyar a los países centroamericanos en su objetivo de aumentar la competitividad ante la creciente globalización.
Subrayó que la inversión de CFI "llega justo a tiempo, pues la firma del Acuerdo de Libre Comercio de América Central (con EEUU) crea nuevas oportunidades y desafíos para el sector privado y los gobiernos de la región".
Captain Stable
12th Jun 2005, 16:09
And there I was wondering how come a Chief Flying Instructor had access to $30m! :eek: :ok:
Panama Jack
12th Jun 2005, 16:58
Sorry, bad translation Captain Stable :O
International Finance Corporation (IFC).
Here is something interesting from the IFC website:
Project number 23882
Project name Taca PDP Financing
Country El Salvador
Sector Transportation And Warehousing
Department Infrastructure
Company name TACA
Environmental category B
Date ERS disclosed March 15, 2005
Date revised ERS disclosed March 15, 2005
Status Pending Disbursement
Previous Events Signed: June 6, 2005
Approved: May 11, 2005
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Project description
The proposed investment is an IFC revolving credit facility (the Facility) of $26 million to Grupo Taca for the benefit of Taca International Airlines S.A. (a Central American international airline company headquartered in San Salvador, El Salvador) and other members of Grupo Taca (Taca). The Facility will be used for pre-delivery payments (PDPs) towards the purchase of Airbus A-320 family aircraft (which include A-319s, A-320s and A-321s). Taca currently operates 111 daily flights to 35 destinations in 19 countries, servicing its passenger base in North America, Central America and South America, from its hubs at San Salvador (El Salvador), San Jose (Costa Rica) and Lima (Peru), respectively. The proposed project is part of an ongoing fleet modernization program that Taca began in 2000, resulting in a current average age of 3.3 years for Taca’s fleet.
Environmental Category B disclosure requirements
IFC requires that this document is made available through the World Bank InfoShop and to the locally affected community no less than 30 days prior to project consideration by the IFC Board of Directors.
The Summary of Project Information (SPI) also provides details of where the ERS has been made available to the locally affected community. The SPI must be sent to World Bank InfoShop no less than 30 days prior to project consideration by the IFC Board of Directors.
To view the Summary of Project Information(SPI) for this project, click here
Environmental and social issues
This is a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects because a limited number of specific environmental impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. The review of this project consisted of appraising technical and environmental information submitted by the project sponsor. The following potential environment, health and safety impacts of the project were analyzed.
- Flight operations safety and security;
- Maintenance-related hazardous materials, effluents, and waste management;
- Dangerous cargo handling;
- Aircraft noise and emissions control; and
- Employee health and safety, including workplace exposure to chemicals.
Proposed mitigation for environmental and social issues
Based on a review of technical and environmental information submitted by the company, TACA operates in accordance with industry standards and has presented plans to continue to address these impacts to ensure that the proposed project will operate in a manner so as its activities comply with applicable host country laws and regulations and IFC environment and social requirements.
- Flight Operations Safety and Security
TACA’s flight safety and accident prevention program complies with the El Salvador civil aviation authority’s (AAC) requirements, as well as with relevant U.S. FAA and ICAO standards. The company has a written safety and security policy that demonstrates a high level of commitment in this area. Pilots and relevant other employees receive extensive training in safe operations and accident avoidance.
All TACA pilots undergo extensive training programs that meet or exceed FAA requirements. Required training is performed using simulators and flight instructors, and includes continuous and recurrent Controlled Flight into Terrain and Approach (CFIT-ALAR) and Crew Resource Management (CRM) trainings.
Other safety program components include: accident research; flight operational data quality assurance; voluntary reporting system; incidents database; and an aviation safety committee.
As part of its safety program, TACA maintains a database that stores all accidents and incidents that occur during ground and flight operations. The data include information on foreign object damage, ground and air turn-backs, in-flight shutdowns, etc. When an event occurs, the flight safety department investigates to determine the cause and if follow-up corrective action is needed to prevent reoccurrence, such as to revise pilot training programs, aircraft maintenance and the like.
- Maintenance-Related Hazardous Materials, Effluents, and Waste Management
TACA’s primary maintenance facility (Aeroman) at the San Salvador International Airport carries out both heavy airframe and line maintenance activities. Engine overhaul and APU repair is subcontracted third parties. Aeroman operations have received all applicable and relevant environmental approvals and permits required by the El Salvadoran regulatory authorities, including environmental authorities (MARU).
Hazardous materials, such as paints, fuels, lubricants, solvents, hydraulic fluids, and other specialized chemical products, are classified according to their hazard characteristics, and appropriately stored in buildings and/or containers per recommendations from the respective manufacturer’s material data safety sheet (MSDS). Aeroman has established written procedures for ensuring that the handling of all chemicals in their facilities – warehouse, hanger maintenance, line maintenance and shops – is conducted with a view toward the minimization of environmental and health risks.
Waste oils are collected and temporarily stored in underground tanks prior to recycling offsite via a licensed commercial contractor. Other wastes – empty containers, metal scrap, dirty rags – are appropriately disposed and/or recycled at government-licensed facilities in compliance with host country laws and requirements. Certain toxic and hazardous wastes are treated on-site to reduce their toxicity prior to disposal to minimize their environmental impact. Aeroman has established specific written procedures for the proper handling, segregation, storage, and disposal of all solid and hazardous wastes generated at their facilities.
During the last three years, there have been no incidents or accidents involving releases of contaminants to the environment from air or ground operations.
- Dangerous Cargo Handling
From time to time, TACA carries goods characterized as dangerous cargo by the ICAO and the International Air Transport Association (IATA). Limited to only certain types of dangerous cargo on it’s passenger flights, TACA operates in compliance with the conventions, technical instructions, and standards of these international organizations, as well as with the legal requirements of the countries in which they operate. The company has an organization and procedures in place to ensure compliance, including the performance of biennial audits of its cargo handling operations.
- Aircraft Noise and Emissions Control
TACA’s Airbus fleet complies with noise guidelines and standards established by ICAO and the FAA. New aircraft will also have better fuel efficiency than the models they will be replacing, and thus generate reduced air emissions.
- Employee Health and Safety
TACA has an active occupational health and safety program, which is documented in an Industrial Safety and Hygiene Manual. Areas of coverage include: workplace air quality and respiratory protection; workplace noise controls and hearing protection; ergonomic risks and hazards; prevention of contact with dangerous equipment and moving parts and electrical hazards. Appropriate personnel protective equipment is provided. Maintenance facilities are designed and operated to protect the health and safety of employees, and accident prevention procedures are in place. Personnel participate in extensive health and safety training programs, including emergency response and fire fighting.
Conclusion
Accordingly, IFC concludes that the proposed project will meet the applicable World Bank/IFC environment and social policies and the environmental, health and safety guidelines.
Monitoring and compliance
IFC will evaluate the project’s compliance with the applicable environmental and social requirements during the lifetime of the project by reviewing the annual monitoring reports (AMRs) prepared for the project covering ongoing performance of project-specific environmental, health and safety activities as reflected in the results of periodic and quantitative sampling and measuring programs. Periodic site supervision visits will also be conducted.
Environmental and Social Documentation
This ERS contains the full environmental and social documentation prepared for the project.
International Finance Corporation (http://www.ifc.org/ifcext/spiwebsite1.nsf/0/879d4890a992532885256fc50070fa27?OpenDocument)