Zvartnots International Airport

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The government of Armenia awarded a 30-year concession contract for the operation of the international airport of Zvartnots to Argentine Corporacion America, the operator of Aeropuertos Argentina 2000, in September 2001. The final agreement was signed in December 2001. According to the press release, the Aeropuertos Argentina committed to invest around $50 million during the first five years of the concession contract. Investment commitments included the construction of a new international passenger terminal, the rehabilitation of the runway and improvement of airport equipment and air safety. However, European Bank for Reconstruction and Development (EBRD), a lender to the project, estimated the total project cost as $63 million. On September 14, 2006, the new arrival hall of the Zvartnots International Airport was launched. Its capacity was 800-1000 passengers during an hour. The new international terminal opened in May 2007. In February 2008, it was announced that the concessionaire would invest US$130 million for the construction of the second phase of the passenger terminal complex at Zvartnots airport. EBRD, DEG and ADB were expected to provide debt financing towards this second phase. In March 2010, ADB approved a direct loan of up to $40 million with a repayment period of up to 10.50 years (including a grace period of about 3.25 years). DEG was reported to be providing a US$40 million loan as well. The remainder of the project finance (US$73 million) was to be in the form of sponsor equity. In September 2011, the new passenger terminal was opened. In 2013, the concessionaire announced $101.1 million of investments in the modernization of Zvartnots airport until 2017. As part of the initial concession agreement, the master plan was to be updated every five years. In detail: $45 million was to be invested to increase the airport capacity to 4 million passengers annually. Nearly $5.4 mln was to be invested in the refrigeration terminal at the airport. Another $15 million was to be invested in establishment of a free trade area around the airport. $6 million was to be invested in construction of an official building for the state authorities and important guests. Another $12 mln was to be invested in construction of residential houses. Investments were to be made in exploitation and modernization of the airport as well. Main Sponsor Link http://www.aa2000.com.ar/index.php In addition to the EBRD loan in 2006, DEG, Deutsche Investitions- und  Entwicklungsgesellschaft mbH, part of the German KfW group, provided a further loan of $10 million. In addition to the ADB loan in 2010, DEG provided an additional loan of US$40 million.