Corporación América Airports (CAAP) announced that its subsidiary Armenia International Airports CJSC has secured a 35‑year extension to the concession for Zvartnots and Gyumri Shirak International Airports, pushing the end date to December 31, 2067. The amendment was approved by the Armenian government on January 22 and publicly disclosed by CAAP on January 23.
The extension comes with a $425 million master plan that CAAP must submit by January 31, 2026. The plan outlines capital investments to modernize Zvartnots and Gyumri, with execution scheduled through 2033. The commitment signals CAAP’s confidence in long‑term passenger growth and its ability to fund infrastructure upgrades in a key international market.
The agreement introduces an inflation‑based tariff adjustment mechanism that will take effect in April 2027. This new framework replaces the previous single‑till system and is designed to preserve the economic equilibrium of the concession, linking revenue adjustments to inflation and providing compensation for force‑majeure events or significant traffic declines.
Strategically, the 35‑year extension provides CAAP with unprecedented long‑term visibility in Armenia, a country that hosts only two international airports. The amendment also lifts restrictions on Kapan’s Syunik Airport, opening the possibility for a third international gateway and expanding CAAP’s footprint in the region. For CAAP, the extension materially lengthens the average life of its portfolio and reinforces its long‑term investment model based on stable, long‑duration concessions.
Financially, CAAP’s passenger traffic has been on a strong upward trajectory, with 86.7 million passengers served in 2025—an increase of 9.8% from 79.0 million in 2024. The growth trend underpins the company’s capacity to fund the $425 million master plan and supports its broader strategy of expanding into high‑growth international markets.
CEO Martín Eurnekian said the amendment “represents an important milestone for our concession in Armenia and enhances long‑term visibility, helps preserve the economic equilibrium of the concession, and materially extends the average life of CAAP’s portfolio.” The statement underscores the company’s confidence in the long‑term prospects of its Armenian operations.
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