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Lisbon airport expansions receives €1.15 billion funding agreement TO EDIT

Lisbon airport expansions receives €1.15 billion funding agreement TO EDIT

€650 million worth of expansion coupled with €500 million for a brand new airport. A direct response to the rapidly growing demand of tourism in Portugal.

The much stressed Lisbon Airport has now received an agreement of €650 million with the French Construction company Vinci, responsible for the management and development of 46 airports around the world, to begin work on the expansions. Lisbon Airport has been suffering with the increase in tourism as record numbers of visitors were reached in 2018, 13 million tourists chose Portugal as their destination. €500 million will be used to open a new airport in Montijo, a municipality of the setubal district in the east corner of the Lisbon metropolitan area to further ease the traffic Lisbon currently receives.

 

Vinci stated the Concession agreement should be signed in 2019 with the work due for completion on 2022. Expansion of the airport will not only provide great opportunities for the local population, who lost a previous plan to expand the airport on the south side 10 years ago, but help to keep the momentum that Portugal has on the holiday destination map and build on the estimated €14 billion earned through tourism in 2018.

 

“We will do everything possible, once the environmental impact study proves favorable, for the operation to start immediately,” Prime Minister Antonio Costa.

 

The investment comes as a direct result of how popular portugal is and how fast the tourism is growing, Nicolas Notebaert, CEO of VINCI Concessions and President of VINCI Airports said: “This project and this investment we are announcing today marks a new confirmation of the two main commitments we took 6 years ago, [...] to contribute to the development of the Portuguese economy by increasing traffic, and to invest in infrastructure to support future growth. Traffic in Lisbon has already increased by almost 100% in the last 6 years and here we are again announcing new investments after the 200 million euros we have already invested in the different Portuguese airports”.

 

Ref: reuters.com, vinci.com, tradingeconomics.com