RSS   Newsletter   Contact   Advertise with us

EIB lends EUR 280 million to upgrade 14 regional Greek airports

Staff Writer | March 28, 2017
The European Investment Bank (EIB) has signed two loan agreements worth EUR 280 million in total with Fraport Greece to help finance upgrades to 14 regional Greek airports.
Kerkyra airport
Greece   25.2 million passengers
The transaction benefits from the support of the EU budget guarantee under the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe.

The EIB loan of EUR 280.4 million will be used for the financing of immediate development works at the 14 airports, including the refurbishment and modernisation of terminals, and the improvement of safety and airfield infrastructure.

The investments will support the development of the tourism industry, a key driver of the Greek economy.

Fraport Greece will pay EUR 1.2 billion to the Hellenic Republic Asset Development Fund for the two 40-year concessions of 14 regional Greek airports (7+7).

Apart from EIB, a consortium of Alpha Bank, Black Sea Trade and Development Bank, European Bank for Reconstruction and Development and the International Finance Corporation will provide long-term financing for the project.

The 14 airports that are included in the concessions are: Aktion, Chania, Kavala, Kefalonia, Kerkyra, Kos, Mitilini, Mykonos, Rhodes, Samos, Santorini, Skiathos, Thessaloniki, and Zakynthos.

These airports served a total of about 25.2 million passengers in 2016.