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Tue May 18 2021

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Greece to upgrade regional airports

29 Mar 17 Greece has secured €280m (£235m) in funding to help finance upgrades to 14 regional airports.

Corfu is one of the airports to benefit from the funding
Corfu is one of the airports to benefit from the funding

The European Investment Bank (EIB) has signed two agreements with Fraport Greece for loans that will be used for work including the refurbishment and modernisation of terminals, and the improvement of safety and airfield infrastructure.

Fraport Greece will pay €1.2bn to the Hellenic Republic Asset Development Fund for the two 40-year concessions of 14 regional Greek airports. The 14 airports that are included in the concessions are: Aktion, Chania (Crete), Kavala, Kefalonia, Kerkyra (Corfu), Kos, Mitilini, Mykonos, Rhodes, Samos, Santorini, Skiathos, Thessaloniki – Greece’s second largest city – and Zakynthos. These airports served a total of about 25.2 million passengers in 2016.

EIB vice-president Jonathan Taylor said: “The European Investment Bank is pleased to be investing in this nationally and regionally important project. It will create jobs, and provide a major boost for tourism - a sector that has proved its importance, and resilience, during the crisis.”

Pierre Moscovici, commissioner for economic and financial affairs, taxation and customs, said: “Modern infrastructure will play a crucial role in supporting Greece's economic recovery. This requires sustained investment to ensure that it achieves its full potential to create jobs and spur growth. This agreement, with the support of the Commission, succeeds in mobilising private investment to finance upgrades to growth-enabling infrastructure that will support, for example, tourism and mobility. This is a prime example of the type of investments the European Commission is committed to support, as they bring growth and development."

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