UAE’s Arabtec and Turkey’s TAV have raised BD107m ($283.6m) in financing for the working capital requirements of the contract to build a new terminal at the Bahrain International airport (BIA).

UAE’s Mashreq Bank acted as the exclusive book runner and coordinator while Jordan’s Arab Bank was joint lead arranger for the funding facility.

The UAE/Turkish team was awarded the contract to build a new terminal building at the BIA in January. The terminal is the largest item in the state’s $1.1bn airport modernisation programme (AMP).

The new terminal has a built up area of 220,000square metres and has a design capacity of 14 million passengers annually. It is expected to be constructed within 51 months.

MEED earlier reported that the joint venture has agreed to raise an AED4bn ($1.1bn) loan from a group of regional financial institutions to help it finance the construction of Bahrain’s new airport terminal.

Several contracts have been awarded for the AMP apart from the terminal building. China’s CIMC was awarded a contract for the passenger air bridges; Vanderlande of the Netherlands for the baggage-handling system; US-based L3 Communications for the security screening equipment; and Finland’s Kone for the moving walkways, escalators and elevators.

A contract was also awarded to France’s SETEC for the design of a maintenance, repair and overhaul (MRO) facility.

Bidders are also currently awaiting the award of an information and communications technologies (ICT) package.