Budapest Airport Concession Agreement: A Comprehensive Overview
The Budapest Airport Concession Agreement, also known as the “Budapest Airport Privatization Agreement,” is a landmark deal that was signed on December 18, 2005. The agreement was signed between the Hungarian government and a consortium of companies led by the German company, Hochtief AirPort GmbH. This consortium was chosen as the preferred bidder to operate and develop Budapest Airport, the largest airport in Hungary.
The Budapest Airport Concession Agreement is a long-term agreement that will last for 75 years, with the consortium responsible for operating, maintaining, and developing the airport during this period. Under this agreement, the consortium has the right to collect revenue from passengers, airlines, and other businesses that operate within the airport.
The Budapest Airport Concession Agreement has been hailed as a major success for Hungary and the consortium, as it has led to significant improvements in the airport`s facilities and services. The consortium has invested over €1 billion in the airport since taking over, which has resulted in the construction of a new terminal building, the expansion of existing facilities, and the introduction of new technologies to improve passenger experience.
Furthermore, the airport`s capacity has been increased to accommodate up to 15 million passengers per year, and the airport has become one of the leading airports in Central and Eastern Europe. The consortium has also implemented various environmental initiatives, including the use of renewable energy sources and the implementation of green technologies to reduce carbon emissions.
The Budapest Airport Concession Agreement has also been beneficial for the Hungarian economy, as it has created new jobs and attracted more tourists to the country. The airport`s increased capacity and improved facilities have led to an increase in the number of flights and destinations served. As a result, Budapest Airport has become a major hub for air traffic in the region, which has led to increased economic activity and job creation.
In conclusion, the Budapest Airport Concession Agreement has been a major success story for Hungary and the consortium. The agreement has led to significant improvements in the airport`s facilities and services, increased capacity, and attracted more tourists to the country. The agreement has also been beneficial for the Hungarian economy, creating new jobs and driving economic activity in the region. Budapest Airport has become a leading airport in Central and Eastern Europe, and the future looks bright for this landmark infrastructure project.