Incheon International Airport Expressway


Express link between Seoul and Incheon International Airport, Korea’s largest airport

Asset overview

The Incheon International Airport Expressway is a 40.2 km, dual three-to four-lane expressway connecting Yeongjong Island, site of the Incheon International Airport, to Korea’s capital, Seoul. The Incheon International Airport Expressway is Korea’s first operational private infrastructure asset under the PPI Act. Construction began in December 1995 and was completed in December 2000. The Incheon International Airport Expressway includes two major bridges, the 4.4km Yeongjong Grand Bridge and the 2.56 km Banghwa Grand Bridge, as well as the 630-metre Gaehwa tunnel.

Investment details

MKIF has invested in New Airport Hiway Co., Ltd. (“NAHC”), the concessionaire of Incheon International Airport Expressway, in the form of equity and subordinated loan. As of the record date, MKIF is a 24.1% shareholder of NAHC, and MKIF’s total investment amount is KRW 75.3 billion, which is comprised of equity of KRW 23.6 billion and subordinated loan of KRW 51.7 billion.

Concession agreement

Concession agreement
Government authority: Ministry of Land, Infrastructure and Transport
Concession term: 30 years
Guarantee duration: 20 years
Concession term commencement: January 2001
Minimum Guarantee*: 80% of annual CA projected revenue
Revenue Cap*: 110% of annual CA projected revenue

* Partial revenue sharing in excess of 80% to 110% level


Length: 40.2 km
Capacity: Dual three to four-lane in both directions