1 August 30, 2011 PULKOVO AIRPORT EXPANSION PROJECT 1 A lot was riding on the International Finance Corporation’s (IFC) final vote to approve debt financing for the Pulkovo Airport expansion project in St. Petersburg, Russia. The project plan called for complete modernization of the airport’s dilapidated Soviet-era facilities and construction of a new terminal. It was April 15, 2010, and following years of careful due diligence, IFC’s Board of Directors believed it had a comprehensive understanding of the deal’s potential benefits and risks. As Pulkovo had already reached capacity years before, IFC’s financing of the project would help stimulate development by alleviating a key bottleneck in the local economy and facilitating the city’s goal of becoming a major

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