The European Bank for Reconstruction and Development (EBRD) is looking into providing an €85 million fund for the concession of Sofia International Airport.
Creative Commons: Apostoloff
The concession will be made in line with SOF Connect's vision to expand the sustainability and resilience of Sofia airport in their hopes for it become a revitalisation success story similar to Munich or LaGuardia.
The overhaul is to be performed by a consortium headed by French private investor Meridiam to support an infrastructure overhaul at the airport.
The project finance will be a part of a wider debt package worth €250 million, provided jointly with international financial institutions and commercial banks, the EBRD said.
The project will support the expansion of the private sector within the infrastructure sector for Bulgaria with them supporting the upgrading of airport facilities across the nation.
SIA has faced a decline in users over the past few years, declining by nearly 60% on a year-to-year basis.
In a statement, the bank said: "The Bank's loan will provide long-term project financing, for a long life infrastructure asset, which is not readily available in Bulgaria from local or international commercial banks in the current crisis market environment.
"Considering that the project will be the first large scale infrastructure concession in the country, the presence of the EBRD in the process is key to ensure a successful implementation, making the Bank strongly additional."
The contract fr the concession was signed into law back in July, originally set to last roughly 35 years.
The consortium is set to invest roughly €250 million across this period.
A meeting to discuss the loan's fate will be convened on December 2.
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