Terminal Aeroportuaria de Guayaquil (TAGSA) has amended the ‘Guayaquil Concession Agreement’ with Autoridad Aeroportuaria de Guayaquil and the Municipality of Guayaquil for the Guayaquil Airport.

Under the modified Guayaquil Concession Agreement, which has been extended for a five-year period from 2024 to 2029, TAGSA has committed to invest $32.2m to support passenger traffic growth.

TAGSA is a 50% owned subsidiary of Luxembourg-based private sector airport concession operator Corporación América Airports. It operates and maintains the Guayaquil Airport located in the city of Guayaquil, Ecuador.

“These additional investments will allow us to continue providing exceptional service to the almost four million passengers travelling through the Guayaquil Airport annually and support future growth.”

Corporación América Airports CEO Martin Eurnekian said: “We are pleased to announce this amendment to the Guayaquil Concession Agreement, an airport we have been operating since 2004.

“These additional investments will allow us to continue providing exceptional service to the almost four million passengers travelling through the Guayaquil Airport annually and support future growth.

“Since we began operating this airport, we have made significant upgrades and added services improving the passenger experience which resulted in several recognitions as one of the best airports in the world in its category by the Airports Council International.”

As per the amended Guayaquil Concession Agreement, the annual concession fee has been increased from 50.25% to 55.25% effective as of 1 July 2018. This will be paid with aggregate gross revenues received from tariffs and charges and other commercial revenues.

The agreement has also proposed to increase the administrative service fee to $524,600, paid twice in a year starting February next year.

Corporación América Airports operates 52 airports in seven countries across Latin America and Europe such as Peru, Ecuador, Armenia, Argentina, Brazil, Uruguay, and Italy.