30 March 2005 – LAWFUEL – The Law News Network – Linklaters advises on Albania’s largest limited recourse financing to date Linklaters has advised the European Bank of Reconstruction and Development, DEG – Deutsche Investitions – und Entwicklungsgesellschaft mbh and the American Bank of Albania in the €33.9 million privatisation, expansion and modernisation of “Nënë Tereza” International Airport near Tirana, Albania. The project includes construction of a new passenger terminal and cargo centre and the improvement of access to the airport, which is the only one in the country to offer international flights.
The financing package for the project includes a limited recourse €24.9 million loan to Tirana Airport Partners Sh.p.k., a company owned by a consortium led by Hochtief Airport, and a sovereign €9 million loan for the construction of a new access road from the capital to the airport and improvements in the existing access road towards the south of the country.
In 2003 the Government of Albania launched an international tender for the 20-year concession to run Tirana Airport, which was built in1957 and has seen limited investment since.
Tirana Airport Partners Sh.p.k. was selected as preferred bidder and will oversee the modernisation programme and manage the airport, while the Government of Albania retains ultimate ownership.
Projects partner Ian Andrews, who led the Linklaters team, said:
“This project is a major development for the Republic of Albania. It is particularly significant because it represents both a major infrastructure improvement for Albania and is also the largest limited recourse financing in the country to date”.
The full Linklaters team included Ian Andrews, Dimitri Papaefstratiou and Chris Freeston (projects).
Notes to editors
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