A Turkish operator of the Tbilisi International Airport said it would invest USD 65 million in reconstruction of now unused runway and in exchange get an extension for the airport’s operation till late 2037.

TAV Airports Holding, which owns 76% shares in Tbilisi airport operator TAV Urban Georgia, agreed with the Georgian state-owned United Airports of Georgia to reconstruct the unused runway, one of the two runways at the Tbilisi airport.

“The operational rights of TAV Urban Georgia have been extended for 10 years 9 months from February 2027 to November 8, 2037 within the scope of the agreement of Built-Operate-Transfer in exchange for the reconstruction investment,” TAV Airports Holding said in a statement on August 24.

“It has been planned to get the investment on reconstruction of the runway started in September 2012 and complete the project in less than 2 years,” the company said.

Tbilisi International Airport is operated by TAV since October, 2005. In Georgia the company also operates airport in Batumi for 20-year term starting from May, 2007.