The Zvartnots International Airport expansion project is a major infrastructure programme to double the capacity of Armenia’s primary aviation gateway in Yerevan, and it has moved decisively forward since its early planning phase. In January 2026, the Armenian government signed a landmark fifth amendment to the concession agreement with Corporación América Airports, extending the concession term by 35 years through to December 2067 and formally binding the operator to a $425 million capital investment programme to be executed by 2033. The amended deal was signed by Armenian Deputy Prime Minister Mher Grigoryan and Corporación América Executive Director Martin Eurnekian, resolving the legal impasse that had stalled formal commitments through much of 2025. The agreement mirrors a broader shift toward concession-backed airport modernisation across Eastern Europe, including the recently financed Sofia Airport Terminal 3 project, where long-term private capital and multilateral-backed financing structures are increasingly being used to accelerate large-scale aviation infrastructure upgrades.

Pashinyan Puts Political Weight Behind the Terminal Build

Political momentum has grown sharply around the second terminal component of the programme. In April 2026, Prime Minister Nikol Pashinyan publicly declared during the presentation of his Civil Contract party’s election platform that construction of a second terminal at Zvartnots Airport “can no longer be postponed,” citing near-rush-hour levels of congestion at the facility. Annual passenger volumes at Armenian airports reached 5.4 million in 2024 and the operator has confirmed traffic is running well above the terminal’s original design capacity of 3 to 4 million passengers. The concession manager’s $500 million investment estimate, announced by CEO Marcelo Wende in October 2025, envisages boarding gates rising from 6 to 16, arrival halls and immigration zones doubling in size, and the addition of expanded lounges, parking facilities and improved ground transport access.

Project Overview

• Project Name: Zvartnots International Airport Expansion (Second Terminal and Infrastructure Upgrade)
• Location: Zvartnots International Airport, approximately 10km west of Yerevan, Armenia
• Developer / Owner: Government of the Republic of Armenia (concession grantor)
• Total Cost / Value: $425 million committed under the 2026 concession amendment (operator’s total investment estimate including terminal: $500 million)
• Scale / Capacity: Boarding gates to increase from 6 to 16; combined capacity targeted at double current levels; current throughput exceeds 5.4 million passengers per annum
• Construction Start: Not yet confirmed; second terminal construction flagged as imminent by Prime Minister Pashinyan in April 2026
• Expected Completion: Capital investment programme to be executed by 2033 under the amended concession terms
• Funding / Financing: Private concession investment by Armenia International Airports CJSC (subsidiary of Corporación América Airports, NYSE: CAAP); no direct state budget contribution confirmed
• Current Status: Concession amended and extended to 2067; Master Plan submitted by January 31 2026 deadline; second terminal build declared a national priority by the Prime Minister
• Key Milestone: Fifth amendment to the concession agreement signed January 23 2026, extending the concession by 35 years and locking in the $425 million investment commitment

Project Team

• Armenia International Airports CJSC (AIA) — Airport Operator and Concessionaire
• Corporación América Airports S.A. (NYSE: CAAP) — Parent Company of AIA; concession holder
• Eduardo Eurnekian — Founder, Corporación América; National Hero of Armenia
• Martin Eurnekian — Executive Director, Corporación América S.A.; signatory of the fifth amendment
• Marcelo Wende — CEO, Armenia International Airports CJSC
• Government of the Republic of Armenia — Concession Grantor
• Mher Grigoryan — Deputy Prime Minister of Armenia; signatory of the fifth amendment
• Armen Simonyan — Deputy Minister of Territorial Administration and Infrastructure of Armenia; government liaison on the expansion programme
• Nikol Pashinyan — Prime Minister of Armenia; publicly championed the second terminal build in April 2026
• ACI Europe (Airports Council International Europe) — Trade association that urged approval of the expansion and signalled €400 million in available investment in 2022
• Design and Build Contractor — Not yet publicly awarded

Reported 10th December 2022: Airports Council International Europe (ACI Europe) has urged the Armenian government to approve Zvartnots airport expansion plan. The trade association that represents Europe’s airports stated that it would be willing to invest €400 million in the project. Zvartnots airport, located 10 kilometers west of Yerevan is nearly at capacity. Consequently, the investment would ensure it meets its potential.

Armenia International Airport CJSC operates the airport, which is owned by Corporacion America, a company founded by Argentine entrepreneur Eduardo Eurnekian. Armenia is set to join the European Union’s European Common Aviation Area. This will give it access to the world’s largest liberalized multi-country aviation market.

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Zvartnots airport’s expansion

With this in mind, ACI Europe stated that it is critical that the capital’s airport expands to meet its potential. It has already exceeded pre-pandemic traffic levels. “Now is the time to move ahead for Armenian aviation,” said Olivier Jankovec, director general of ACI Europe. The potential to further develop and diversify the country’s air connectivity exists, as does the potential to grow the economy and improve Armenians’ living standards.”

Jankovec, on the other hand, insisted that for Armenia to realize this potential, “more infrastructure capacity is required, which means expanding Yerevan-Zvartnots airport.” A total of €400 million is available for investment. This will help double the airport’s capacity for both passenger and cargo traffic. Thus, delaying this project any longer will only slow the country and its economy.”