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Tue, 12 Nov 2019 06:22 GMT

Greece Relieves Economy Through Asset Privatisation


7Dnews London

Wed, 11 Sep 2019 18:49 GMT

As part of the privatisation push by the country's new conservative government, Greece has been seeking to find a buyer for a 30% stake in Athens International Airport as thoroughly described by the finance minister, AFP reported on Wednesday, September 11th .

According to Christos Staikouras, in a tweet after a government meeting on the issue, they will proceed with the sale of a 30% stake held by the Greek state in Athens International Airport.

The Greek state currently has a 55% stake in the airport, with the remainder in the hands of private shareholders including German airport managers AviAlliance. Also, Canada's Public Sector Pension Investment Board (PSP Investments) is a key shareholder in AIA, through AviAlliance

The new conservative government, elected in July, has made privatisations a priority to create jobs. Greece has been unfortunately selling state assets since the start of its economic crisis a decade ago.

The Greek state privatisation agency TAIPED on Monday said it has divested some eight billion euros ($8.8 billion) in public assets since 2011.

In February, TAIPED extended the airport's operational lease by 20 years to 2046 for just over 1.4 billion euros, noting that work has currently been under way to expand the airport's capacity from 26 million per year currently to 50 million passengers annually by 2046, including terminal extensions and new aircraft parking spaces.

Greece's main airport registered 24 million passengers in 2018, including 16.4 million international travellers, according to AFP.