ATHENS, Feb. 22 (Xinhua) -- The procedure for the 20-year extension of the concession agreement of the Athens International Airport "Eleftherios Venizelos" was completed on Friday, with the payment of 1.4 billion euros (1.6 billion U.S. dollars) by the "Athens International Airport SA" (AIA), Greece's privatization fund HRADF announced.
The total benefit to the Greek State from the extension of the existing Concession Agreement up to 2046 is expected to exceed 6 billion euros (including annual concession rights fees and revenues from income taxes), according to an e-mailed press statement issued by the HRADF, or the Hellenic Republic Asset Development Fund.
Given that the number of arrivals to Athens is expected to further rise over the next two decades, AIA SA has undertaken the commitment to make additional investments of nearly 2.9 billion euros in coming years.
The project is mainly related to the extension of the airport capacity to accommodate 50 million passengers annually by the expiry date of the concession from the current 26 million travelers per year.
The plan, including terminal extensions, new aircraft parking places, extension of road network and the further development of the airport and its activities, combined with an increase in tourism, is expected to lead to the creation of 180,000 new jobs throughout the country, according to the statement.
AIA was established in 1996 as a Public-Private Partnership with a 30-year concession agreement. It is a privately managed company, with the Greek State holding 55 percent of shares, while the private shareholders collectively hold 45 percent, according to information on AIA's website. (1 euro = 1.13 U.S. dollars)
