LAP and Peru sign agreement for $1.5bn expansion at Lima Airport
Lima Airport Partners (LAP) and the Government of Peru have signed an amendment to the airport concession agreement signed in 2001, enabling the former to go ahead with a $1.5bn expansion programme at Lima Jorge Chavez International Airport (LIM).
Fraport owns a 70.01% share in LAP, while other shareholders include IFC International Financial (19.99%) and Peru’s AC Capitales SAFI (10%).
The amendment outlines when and how the government should hand over land needed for the airport expansion.
LAP’s expansion programme is set to start next year and will involve development plans for a second runway and construction of a new passenger terminal, as well as other infrastructure.
During the first half of this year, LIM served about 9.7 million passengers, which represents an increase of 8.4% compared to the same period in the previous year.
Fraport executive board chairman Dr Stefan Schulte said: “This step forward is critical for Lima Airport’s continuing success as a win-win concession for all.
“One of the most successful airports in Fraport’s global portfolio, Lima has consistently achieved strong growth, a high level of customer service and recognition, and it offers great potential for Peru and South America.”
In November 2000, LAP secured the concession from the Peruvian government for operating and expanding Lima Airport.
The LAP concession, which officially commenced in February 2001, will run until 2041.
LAP CEO Juan José Salmón said: “This comprehensive and mutually beneficial agreement with the Peruvian government will provide the necessary land and framework for advancing our major expansion of Lima Airport.”
Image: Lima Airport's future passenger terminal. Photo: courtesy of Fraport.