Dutch State to Provide Export Credit Insurance for Boskalis’ €1.5 billion Manila International Airport Contract
Today, the Dutch State, represented by Atradius Dutch State Business (DSB), decided to support the largest project in Boskalis’ history by means of an export credit insurance (ECI).
At the end of 2020, Boskalis was awarded a contract for the land development of the new Manila International Airport with a contract value of more than EUR 1.5 billion. Since then, Boskalis has worked with the client, a subsidiary of one of the largest and most progressive companies in the Philippines (San Miguel Corporation), to make the land development possible by utilizing the export credit insurance program of the Dutch State.
As a part of the ECI-process, Boskalis conducted an extensive environmental and social impact assessment in accordance with the highest international standards. This was done together with a large group of experts from its own organization, the client and four renowned consultancy firms. In addition, thorough impact analyses were conducted and compensation plans were drawn up to mitigate or compensate for the adverse effects.
Peter Berdowski, CEO Boskalis: “I am very pleased that all the hard work with a large team of experts has been successfully completed today. For more than a year, we have worked intensively with Atradius DSB to ensure that the construction of the new airport will take place in a socially responsible manner. In collaboration with Atradius DSB and the Dutch embassy, we succeeded in developing a broadly supported plan with an eye for the local community and the preservation of biodiversity. I would like to thank all those involved for their contribution to the positive decision of the State.”
Bert Bruning, Managing Director Atradius DSB: “This project is unique on many levels. Firstly, of course as a very important contract for our client Boskalis but also for us as the largest ECA policy in our 90-year history. In addition, I am proud of the fact that together with Boskalis and San Miguel, by keeping up the dialogue, we were able to ensure that the project is to meet international standards in the field of environmental and social conditions. In doing so, we have not only contributed to making this wonderful contract possible but also really made a difference together for the local communities and nature.”
The new Manila International Airport will be located approximately 20 kilometers north of the city center of Manila. The new airport site will comprise approximately 1,700 hectares and the construction will be carried out to the highest engineering and environmental standards to withstand the effects of possible major earthquakes, local typhoons and future sea level rise.
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