The European Bank for Reconstruction and Development will join a consortium of lenders that support the modernization of 14 regional airports in Greece, with $198 million in long-term funds.
“We are delighted to
participate in this landmark transaction, which we expect to provide a
much-needed boost to the Greek economy and to Greece’s regional development,” EBRD
First Vice President and Head of Client Services Group Phil Bennett said in a press release. “The
modernization of this key infrastructure, supporting tourism in particular,
will improve access, exchange and integration.”
The funding will go to
Fraport Greece, which holds a 40-year operating concession for the airports. The airports served approximately 25.2 million passengers in 2016. Total funding for
the project is EUR 968.4 million, with other investors including the
International Finance Corp., the Black Sea Trade and Development Bank,
the European Investment Bank and Alpha Bank.
“The EBRD is
especially pleased to support strategic partners who will bring private funding
and expertise to regional airports in Greece and could provide an important
model for future infrastructure development projects,” Bennett said.
The 14 airports to be
modernized are Aktio, Chania (Crete), Kavala, Kefalonia, Kerkyra (Corfu), Kos,
Mitilini, Mykonos, Rhodes, Samos, Santorini, Skiathos, Thessaloniki and
EBRD supports Greek airport modernization projects with $198 million in financing
Organizations in this Story
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