Athens International Airport Concession Agreement
Athens International Airport Concession Agreement: A Significant Milestone in Greece`s Aviation Industry
The Athens International Airport concession agreement was a significant milestone in Greece`s aviation industry. It was signed in 1995 and marked the beginning of a new era for the country`s aviation industry. The 20-year agreement, which expired in 2015, granted the operation and management of the airport to a consortium of companies led by German airport operator Fraport.
The privatisation of the Athens International Airport was carried out as part of the country`s efforts to modernise its infrastructure and attract foreign investment. The airport was built for the 2004 Athens Olympic Games and underwent significant upgrades to become one of the most modern and efficient airports in Europe.
The concession agreement enabled Fraport to operate the airport and develop its commercial potential, including the airport`s retail and food and beverage offerings. The consortium invested over €1 billion in the airport, including the construction of new buildings, expansion of the terminal, and enhancement of the runway system.
Under the concession agreement, the Greek government received significant revenue from the airport operation, including a share of the airport`s revenue and a fixed annual fee. The airport`s contribution to the Greek economy was significant, with over 20 million passengers passing through the airport each year and generating billions of euros in revenue.
Despite initial resistance from the local authorities, who were concerned about the impact of privatisation on the country`s economy and tourism industry, the Athens International Airport concession agreement proved to be a success story. The airport`s efficiency and functionality were significantly improved, making it a leading destination for travellers to Greece.
The airport`s facilities and services were upgraded to meet international standards, including the installation of state-of-the-art security and safety systems. The airport also implemented sustainable development practices, including the use of renewable energy sources and reduction of waste and water consumption.
The Athens International Airport concession agreement was a shining example of how privatisation and public-private partnerships can drive economic growth and development. It enabled the Greek government to modernise the country`s infrastructure and attract foreign investment, while also creating jobs and generating significant revenue.
In conclusion, the Athens International Airport concession agreement was a significant milestone in Greece`s aviation industry, enabling the country to develop a modern and efficient airport that contributed significantly to its economy. The success of the agreement demonstrated the benefits of public-private partnerships and privatisation as a means of driving growth and development.