Zvartnots Airport Undergoing Major Reconstruction: $425 Million Investment and Concession Until 2067

The Armenian government has approved the fifth amendment to the concession agreement for Zvartnots International Airport. Corporación América Airports, associated with businessman Eduardo Eurnekian, remains the airport operator. The key change is a large-scale investment program and the extension of the concession term by several decades.

Under the new terms, the concessionaire is obligated to invest approximately $425 million in capital investments, including the construction of a new passenger terminal. The company must also submit a development master plan and investment program for government approval. All planned investments must be implemented by 2033, and the concession agreement has been extended until December 31, 2067.

The amendments aim to expand the passenger and cargo capabilities of Zvartnots and Shirak airports and revise the financial terms of the concession. The guaranteed rate of return and damage compensation formulas are canceled, the clause on indefinite extension of the agreement is invalidated, and restrictions on Syunik Airport in Kapan are removed. Tariffs will be reviewed annually, taking into account inflation in Armenia, the EU, and the US, and if passenger traffic falls below 4 million people per year, the state will be able to compensate for losses through tariff adjustments, but for no more than 3 years.