A consortium of lenders has signed an agreement to provide long-term financing of nearly €1bn to Fraport Greece for the 40-year concession of 14 Greek regional airports.

The consortium comprises Black Sea Trade and Development Bank (€62.5m), Alpha Bank (€284.7m), European Bank for Reconstruction and Development (€186.7 m), European Investment Bank (€280.4m) and World Bank Group member International Finance Corporation (IFC) (€154.1m).

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The 14 airports included in the concession are Kavala, Kefalonia, Kerkyra (Corfu), Aktion, Chania (Crete), Kos, Mitilini, Mykonos, Rhodes, Samos, Santorini, Skiathos, Thessaloniki and Zakynthos.

Fraport Greece CEO Alexander Zinell said: “The signing of the financing for the largest concession in Greece is a historic moment. Together with the equity injected by our shareholders, the proceeds of the loans will help funding the upfront payment and the four-year airport rehabilitation programme.

"We are proud to play a significant role in the future development of these destinations and in support the country’s tourist industry."

“The successful financing of this complex project is a clear signal regarding the prospects of the Greek economy and the confidence in our company and the reliability of our shareholders Fraport and Copelouzos Group.

“The Hellenic Republic has entrusted us with 14 airports across the country, most of them gateways to thriving tourist destinations. We are proud to play a significant role in the future development of these destinations and in support the country’s tourist industry.”

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Of the total loan amount, €280.4m will be used to finance development works at the 14 regional airports in Greece, while €688m will be used as part of the upfront concession payment to the Hellenic Republic Assets Development Fund.

Fraport Greece is paying a total of €1,234bn to the Hellenic Republic for the 40-year concession.

As part of the agreement, Fraport Greece will also modernise and upgrade airport infrastructure.

Fraport Greece plans to invest €400m during the first four years in construction works for the development of the regional airports.

The infrastructure investments are estimated to exceed €1.4bn during the entire concession period.