State-owned airport operator Angkasa Pura I (AP I) is looking for external financing of Rp 26.4 trillion (US$2.02 billion) to expand five of its airports, especially those in Yogyakarta and Semarang where the number of passengers is already three times over capacity.

AP I technical director Polana Banguningsih Pramesti said the five major airports with the most severe overcapacity were Achmad Yani Airport in Semarang, Adisoetjipto Airport in Yogyakarta, Syamsudin Noor Airport in Banjarmasin, Juanda Airport in Surabaya and Sultan Hasanuddin Airport in Makassar.

In addition to the construction of new passenger terminals, AP I will build a new airport in Kulon Progo, Yogyakarta to replace the overcrowded Adisoetjipto Airport. In 2020 all five airports are targeted to handle up to 70.6 million passengers, 2.79 times the current number of 25.3 million passengers.

"The new terminal in Ahmad Yani airport in Semarang will be operational in 2018, while the first phase of the new Yogyakarta airport will be operational in 2019, one year ahead of the 2020 target," she said in Jakarta on Monday.

To partly finance the expansion, AP I will issue conventional and Islamic bonds worth Rp 3 trillion as the government has revoked its initial capital injection plan worth Rp 1.5 trillion.

Managing 13 airports in central and eastern Indonesia, AP I had an average passenger growth of 6.96 percent per year between 2011 and 2015: higher than the national growth of 5.64 percent and that of its sister company AP II with 3.91 percent. (ags)