:: Yerevan Zvartnots International Airport

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The Argentine holding company Corporación América S.A. is solidifying its long-term commitment to Armenia. The operator of Zvartnots International Airport (EVN) has signed a substantial amendment to its concession agreement, pledging a $425 million investment to significantly expand and develop the country’s main aviation gateway. The cornerstone of the project is the construction of a second passenger terminal, slated for completion by 2033.

In return for this major financial commitment, the Armenian government has granted an unprecedented extension of the airport’s management term, pushing the concession deadline to the end of 2067. The agreement also provides a robust financial safety net for the investor: should annual passenger traffic fall below 4 million for two consecutive years through no fault of the operating company, the government is obligated to compensate for the losses through tariff adjustments for up to three years.

As an additional development, Kapan Airport (YUK) in the country’s south has been granted international status. This designates it as Armenia’s third international gateway, complementing Zvartnots and Shirak Airport (LWN) in Gyumri. According to the Ministry of Territorial Administration and Infrastructure, the combined traffic for the latter two airports reached a record 5.754 million passengers in 2025, marking a 7.5% increase compared to the previous year.

The expansion plans come amid an intensifying “battle of the hubs” in the South Caucasus. Both Georgia and Azerbaijan announced major expansion projects for their own capital airports earlier this January, underscoring a regional push to boost air connectivity and infrastructure.