The 100 million euro loan, another major reason for the termination of the Vlora Airport concession contract
Another serious problem that forced the Albanian Government to initiate procedures for the termination of the Vlora International Airport concession contract was related to a loan of 100 million euros, taken out by one of the concessionaire's companies without the prior approval of the Albanian State.
In March 2025, Mabco signed a loan agreement with the financial company Delphos Securities, worth 100 million euros. According to the information made public, the funds would be used for two main purposes: completing the construction of Vlora Airport and repaying an existing bank loan of Mabco.
At first glance, such financing could be considered a positive development for the project. Large infrastructure projects require significant capital, and a new loan could provide the liquidity needed to complete the works.
However, the main concern was not related to the amount of the loan, but to the guarantees provided in favor of the lender and the consequences they could have on the revenues, administration and financial future of a strategic infrastructure such as Vlora International Airport. It was precisely these elements that were considered by the Albanian authorities as another serious violation of the concession relationship and one of the reasons that led to the initiation of procedures for the termination of the contract.
100 million euros: Financing for construction or a burden on the future?
The problem did not lie only in the amount of financing, but above all in the guarantees offered and the rights that the lender acquired over the economic and financial future of Vlora Airport.
According to the loan agreement, Delphos Securities received guarantees on all future airport revenues, including those guaranteed by the Albanian state.
The State Budget guarantees minimum revenues during the first 10 years of operation, if revenues are lower than 140 million euros. Specifically:
Year IV – 9.6 million euros
Year V – 10.3 million euros
Year VI – 11.2 million euros
Year VII – 12.1 million euros
Source : https://www.infrastruktura.gov.al/wp-content/uploads/2019/12/AL-STUDIM-FIZIBILITETI-VIA.pdf
But that wasn't the only guarantee. The agreement gave Delphos Securities control over the company's bank accounts and financial policies, as well as the right to transfer these rights to third parties.
These provisions conflict with the BOT concession contract of Vlora Airport, which expressly prohibits the granting of such guarantees without the prior approval of the Albanian State. Such approval was neither requested nor granted.
Precisely for this reason, the State Attorney's Office considered the agreement an act with high legal risk. In other words, a private financial institution could gain economic control over a strategic state project, without the knowledge and approval of the Albanian State.
Under these conditions, a private company was making financial commitments that potentially affected the revenues, administration and operation of a strategic national infrastructure, outside the approval and control mechanisms provided for in the concession contract.
The guarantees provided by "Mabco" raise serious questions about the real rights of the concessionaire, contractual obligations towards the Albanian State, the interests of creditors, intervention mechanisms in the event of non-payment, as well as the financial consequences they could have on the operation of the airport.
The revenues of an airport are not simply the revenues of a private company. They stem from the operation of a strategic national asset, built and managed on the basis of a concessionary relationship with the Albanian State.
What would happen in case of loan default?
If "Mabco" were unable to repay the loan, what rights would the lender exercise?
Since the loan guarantees extended to the future revenues of the project, the creditor could demand control over these revenues, over the bank accounts where they were deposited, and over the manner in which the airport's financial flows were managed.
Furthermore, the contract granted the lender the right to transfer these rights to a third party. This meant that, in the event of a financial crisis or default on the loan, economic control over the airport's revenues could pass to other entities, unknown at the time the agreement was signed.
Control over bank accounts and transfer of rights to third parties
Another problematic aspect is related to control over the company's bank accounts and financial policies.
When a lender gains broad powers over a concessionaire's financial flows, it is no longer a passive creditor. In practice, it gains significant influence over how the company's funds are managed.
In a typical private project this might be considered a normal part of the financing relationship. But when it comes to a strategic concession, a fundamental question arises: where does the legitimate right of the private creditor end and where does the protection of the public interest begin?
Equally concerning is the fact that the agreement allowed the transfer of the lender's rights to third parties.
This creates a serious transparency problem, because the financing structure can change at any moment, without necessarily being the same as what existed when the agreement was signed.
For an airport of strategic importance, natural questions arise:
Who is the real beneficiary of these rights?
Who can become a creditor in the future?
What rights are specifically transferred?
What are the legal restrictions?
What protective mechanisms does the Albanian State have in the event of such a transfer?
In this case, transparency is not a luxury; it is a necessity.
The risk is not only financial, but also operational.
An airport must function without interruption once it is operational. This requires ongoing maintenance, qualified personnel, technical systems, safety standards, service contracts and stable financial resources.
If the airport's revenues are burdened with significant financial obligations to creditors, it must be guaranteed that, even after the repayment of these obligations, sufficient funds remain for the normal operation of the airport.
An airport cannot be managed with the logic of a business that aims only to repay debt. It is a critical infrastructure, which must have sufficient financial resources at all times to guarantee safety, continuity of operation and quality of public service.
cONcluSiON
In the end, the issue was not simply about obtaining a loan of 100 million euros. Large infrastructure projects are often financed through loans. The problem lay in the way this financing was secured, the guarantees provided in favor of the lender and the lack of prior approval by the Albanian State, contrary to the obligations provided for in the concession contract.
When the guarantees of a loan extend to the revenues of a strategic asset, including revenues guaranteed by the State Budget, when the creditor acquires rights over the bank accounts and financial policies of the concessionaire, as well as the ability to transfer these rights to third parties, then the issue no longer remains an ordinary financial relationship between a company and its creditor. It directly affects the public interest, the legal certainty of the concession contract and the protection of an infrastructure of strategic importance for the country.
Precisely for this reason, this loan agreement was considered by the Albanian authorities as a serious violation of the concession relationship and became one of the elements that supported the decision of the Albanian Government to initiate procedures for the termination of the Vlora International Airport concession contract.
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