GESAP receives €37 million loan securing its post-Covid future

The management company of Palermo Airport (PMO) in Sicily, GESAP has secured a €37 million loan which will be provided equally by Intesa Sanpaolo S.p.A. and UniCredit S.p.A. and is guaranteed by SACE, an Italian company specialized in the insurance-financial sector.

The recovery loan consists of one ten-year loan valued at €19 million in addition to another six-year loan of 18 million. The second loan is intended to finance GESAP’s 2020-2023 investment plan, which will enable the airport management company to make a number of key upgrades to one of Italy’s main airports.

The first tranche of investments should have a positive impact on employment prospects and the recovery of the overall tourism sector in Sicily. While the second recovery loan has been released under the Guarantee Italy Program, which aims to assist the airport management company with the negative impacts of the pandemic. The CEO of GESAP, Giovanni Scalia stated that the company is very satisfied with the agreement reached.

In a company statement, the Chief Executive of GESAP said “We have closed this important operation that ensures the continuation of the investment plan, with the works to modernize the terminal, more services for passengers, and particular attention to environmental themes. The addition of new capital secures the future of the company, with important repercussions on the economy of Palermo and Sicily.”

Back in November, AeroNewsX interviewed the Chief Executive of GESAP, Giovanni Scalia about the future of the airport with the ultimate goal of making it a more modern and internationally recognised airport. The investment plan includes renovating the terminal which will be equipped with new gates, new check-in desks and 4 new security control desks. The renovation will also include an anti-seismic plan to deal with potential earthquakes, which will make the airport even safer.

Included in the investment plan will be a bridge, which the airport management company want to be a symbol of the airport. The new bridge will connect the airport terminal with a park by the sea and will include a large green area, where passengers and visitors can spend their time watching planes depart and land at Palermo Airport.

Source: https://aeronewsx.com/gesap-receives-e37-million-loan-securing-its-post-covid-future/?utm_source=rss&utm_medium=rss&utm_campaign=gesap-receives-e37-million-loan-securing-its-post-covid-future