IKIA Grappling With Pandemic

Imam Khomeini International Airport City Company has received 2,000 billion rials ($7.84 million) in coronavirus loans at the lending rate of 12%, says Mohammad Mehdi Karbalaei, the airport’s managing director. 
“The government-backed financial assistance package was supposed to be paid to transportation companies hit by the pandemic, but IKIA was found eligible to receive these loans as well due to the sharp decline of revenues. Following the Ukraine plane crash and the outbreak of coronavirus, IKIA’s revenues slumped by 85% from last year’s 7,000 billion rials [$27.45 million],” he was quoted as saying by Fars News Agency.
“As per the budget bill for the next year [March 2021-22], Imam Khomeini International Airport City will receive 50 billion rials [$196,078]. It also has 10,000 billion rials ($39.21 million) in unpaid credits. Following their allocation, they will be spent on improving the airport’s infrastructures such as runway renovation and completing the airport’s free trade zone to attract foreign investors,” he said.
“Negotiations are ongoing with three foreign investors to complete the capacity of Terminal II [formerly called Iranshahr]. Once completed, the capacity of the airport will increase from 10 million to 40 million passengers per year.”