Hermes Airports completes financing agreements for €170m Phase 2 works at Larnaka and Pafos Airports

Hermes Airports has completed the financing process for Phase 2 works at Larnaka and Pafos airports, by signing all relevant agreements with the banks which are financing the project.

An agreement has also been signed with the joint venture Bouygues Batiment International SAS and Iacovou Brothers (Constructions) Ltd, which has undertaken the construction of the Phase 2 works, as these are provided in the agreement signed with the Government on December 23, 2024.

At the same time, following a selection process with the participation of the Ministry of Transport, Communications, and Works, the company that will perform the duties of the Independent Engineer, monitoring the progress of the works based on the agreed specifications and timelines, has been selected.

After concluding these steps, the Company is proceeding with the activation of all working groups, in order to formally initiate the Phase 2 works, which are expected to be completed in 30 months at Larnaka Airport and in 27 months at Pafos Airport.

Indicatively, at Larnaka Airport, the works will cover a total area of approximately 20,000 square meters and concern among other things, the creation of a new annex with departure and arrival gates, which will be connected to the main terminal building, the addition of baggage claim belts, a new passport control and security clearance area, the expansion of the commercial areas, as well as an increase in aircraft parking spaces.

As far as Pafos Airport is concerned, the works to be carried out will increase the capacity of the airport terminal by approximately 30%, significantly improving the passenger experience and the efficiency of controls and procedures. At the same time, the southern parallel taxiway will be expanded, enhancing the operational flexibility of the airport.

With the completion of Phase 2 works, the capacity of Larnaka Airport will reach 12.4 million passengers per year, while the capacity of Pafos Airport will reach 5 million passengers per year, which will allow the seamless development of passenger traffic in the coming decades, with all the benefits that this entails for the economy of Cyprus.

Commenting on this significant milestone for the commencement of Phase 2, Hermes Airports' Chief Executive Officer, Eleni Kaloyirou (pictured above), stated: "Today, we are moving forward with an investment by Hermes Airports, which exceeds €170 million, aiming to upgrade both airports and enhancing their capacity, ensuring they can effectively meet the needs of the new era, extending beyond the end of the current Concession Agreement period."