Yerevan, July 13. /Mediamax/. The EBRD is lending $20 million to Armenian International Airports С J.S.C (ArIA) to finance the completion of the new passenger terminal at Zvartnots Airport in Yerevan, including the acquisition of modern equipment to further upgrade the quality of service, as air traffic through the capital increases.

A sharp improvement in the Armenian economy and a positive outlook have boosted the number of passengers passing through the airport, with tourism also expanding. Passenger levels are likely to top the one million mark by the end of this year.

“This project will play an important role in the development of external transport links and an efficient transport system for Armenia, a land-locked country heavily dependent on air-transport services,” said Michael Weinstein, head of the EBRD office in Yerevan, Mediamax reports. “We are particularly happy to support a private international operator in improving the airport’s operations.”

“The EBRD’s loan will assist Zvartnots, the country’’ principal international airport, in meeting international airport facility standards, and will contribute towards Armenia’s developing tourist industry,” said ArIA General Director Juan-Pablo Gechidjian.

The deal is being undertaken jointly with DEG, Deutsche Investitions- und Entwicklungsgesellschaft mbH, part of the German KfW group, which is providing a further loan of $10 million.

The project is an example of the EBRD’s strategy of promoting improvements to and the commercialization of the public infrastructure in Early Transition Countries (ETC) and of the EBRD’s cooperation with other IFIs active in the region.

ArIA operates Zvartnots Airport under a 30-year concession granted by the Armenian government in 2001. It is owned by a New York-based holding company held 100% by Mr. Eduardo Ernekian, an Argentinean citizen of Armenian descent.