Shirak Airport Concession

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In August 2007, the Armenian government granted a 24 year concession of Shirak airport in Gyumri to Armenia-International Airports. Shirak was Armenia's second largest airport. The handover of the airport to the concessionaire occurred a few days later. The Armenian government indicated that it made the decision grounding on the Armenia-International Airports 's successful experience of running Yerevan’s Zvartnots Airport which took over in 2001. Armenia-International Airports was a wholly owned subsidiary of Argentine Corporacion America (CASA). Under the concession agreement, the concessionaire had to invest $10 million in modernizing the facilities in late 2007. The concessionaire closed the airport in August-November 2007 to undertake such modernization. Shirak airport reopened in November 27, 2007.