Fraport Greece, the company managing 14 Greek regional airports, recently marked a five-year milestone with its 440-million-euro investment program moving full-speed ahead for upgrade works across its network of operations.
Greece recorded the lowest decreases in commercial flights in August 2021, showing signs of recovery for its air transport sector, according to Eurostat.
Fraport's decision to invest in the upgrade of 14 regional airports in Greece is sending a loud message to global investors who are interested in doing business in the country.
Prime Minister Kyriakos Mitsotakis said Greece was entering a new era thanks to a 440-million-euro investment by Fraport in the upgrade of 14 regional airports.
Development procedures for Greece’s 23 regional airports have kicked off starting with Kalamata, according to the Hellenic Corporation of Assets and Participations.
Disruption to Greece’s air transport sector, caused by the Covid-19 outbreak, is set to cost the country’s tourism sector 9.2 billion euros in losses, says IATA.
Fraport Greece has completed 80% of its investment program, with the airports of Thessaloniki, Corfu, Kos, Mykonos and Santorini being last on its project list.
Fraport Greece has completed works at the airports of Zakynthos, Kavala and Chania, and is moving full speed ahead with more upgrade projects at another six airports.
The Greek Transport Ministry will name a financial advisor in the coming period to move ahead with the exploitation of 23 smaller airports across Greece.
Fraport’s Greece and Brazil airports accounted for two-thirds of the parent company’s increase in revenue last year, which rose by 18.5 percent to almost 3.5 billion euros.
