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Tirana International Airport (TIA) is to be further modernized with financial support totalling EUR 46.9m, provided by the European Bank for Reconstruction and Development (EBRD), DEG-Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Alpha Bank and the American Bank of Albania (ABA). From such financial support a total of EUR 22.0m is earmarked for the expansion project of TIA. The project, comprising Phase B of the Concession Agreement, includes extending the new passenger terminal, constructing additional airport buildings and investing in new equipment and systems. The expansion is expected to start in the summer of 2008 with completion in 2009.
“These loans will help TIA to raise even further the profile of the highly successful infrastructure facility in the Albanian capital, to the benefit of both our company and Albania. By implementing Phase B at the airport and with our strategic partnership with the banks we will ensure long-term high standards in comfort and safety for our customers, solid growth and sustainable development into the future,” said the Chairman of the Administrative Council of Tirana International Airport, Dr. Reinhard Kalenda.
While the amount of EUR 22m of the loans will be used for implementing Phase B, the rest, EUR 24.9m, serves to restructure the original loans the banks provided to TIA in 2005 reflecting TIA’s improved risk profile. The provision of new terms to TIA is an outcome of its high results and successful operations. As such, the loan is a landmark transaction in Albania.
“This project is crucially important to Albania’s economic development. The terms of the new loan send a clear and positive message about the state of development of the commercial, political and legal environment for public-private partnerships in Albania. Its innovative structure makes it a showcase for private-sector investment in medium-sized airport operations in the region. This is a model that could well be replicated elsewhere in south-eastern Europe,” said Sue Barrett, EBRD Director for Transport.
The first loan from the banks was used for construction of the new passenger terminal, new cargo terminal and new parking facilities. This Phase A of the Concession Agreement was successfully completed in March 2007, with the opening of the passenger terminal, since when TIA has set records in the number of passengers and airlines using the Airport.
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