Fraport secures bank financing for the 14 airports

Fraport Greece has reached an agreement with four international credit institutions and a local bank for the financing of the privatization project by the German-led consortium concerning 14 regional airports around Greece, according to banking sources.

The funding will go toward both the one-off down payment (the "acquisition facility") and an amount set aside for investments in infrastructure (the "capital expenditure facility"), according to banking sources from abroad. At the same time, significant issues that are the responsibility of the state remain unresolved - such as the staffing of the airports' medical offices with doctors and nurses - that might cause problems to the March 15 transfer deadline.

The total financing amounts to 1.5 billion euros, with 40 percent of that coming from Fraport Greece stakeholders. The financing plan has been submitted to the state...