On March 17, the European Commission approved the transfer of 14 regional airports in Greece to a consortium led by the German company Fraport AG and announced that it is now up to the authorities in Athens to finalize the agreement – a key element of the financial assistance program.
The European Commission considers that the 1.23 billion EUR agreement can proceed because it does not involve state aid and is transparent.
Fraport and its Greek partner, Copelouzos Group, will take over the concession and manage 14 regional airports for 40 years – Thessaloniki, Mykonos, Santorini, Rhodes, Corfu, Zakynthos, Kefalonia, Kos, Lesbos, Skiathos, Samos, Chania, Kavala and Aktio.
The third financial assistance package obtained by Greece – worth 85 billion EUR – provides for a massive privatization program. The money obtained will be used to repay the loans received for bank recapitalization and to finance investments.
Source: Economica
Frequently Asked Questions
What is the value of the concession agreement?
The agreement is valued at 1.23 billion EUR and is a key part of Greece’s privatization program.
Who is part of the consortium managing the airports?
The consortium is led by the German firm Fraport AG, with the Greek Copelouzos Group as its partner.
How long is the concession period for the airports?
The contract grants the consortium the right to manage the 14 regional airports for a period of 40 years.