Two companies shortlisted for the concession of Podgorica and Tivat airports — Incheon International Airport Corporation (South Korea) and Corporación América Airports S.A. (Luxembourg) — have officially passed the technical evaluation after the Tender Commission extended its work. The Commission continues today, awaiting the International Finance Corporation’s (IFC) analysis of the financial bids.
Key developments:
- Following legal advice and consultations with the IFC, the Commission recognized that both technical offers are formally valid. Previously, Incheon was nearly excluded due to minor scoring differences and some zero scores, but legal opinion declared zero scores invalid, prompting a reevaluation.
- Both bidders now meet the minimum technical criteria to proceed to the financial evaluation phase. The Commission is waiting for IFC’s financial assessment before finalizing its recommendation to the Ministry of Transport and then to the Government.
- The concession process experienced political tension within the executive branch, leading to a 30-day extension for evaluation to ensure transparency and quality, as emphasized by Minister Spajić.
Bidders overview:
- Incheon International Airport Corporation (IIAC) is state-owned by South Korea and operates Incheon Airport near Seoul, renowned for efficiency, innovation, and customer experience. IFC gave IIAC 95 points, while the local Tender Commission initially gave 79.7 points, leading to controversy over the technical evaluation.
- Corporación América Airports (CAAP), based in Luxembourg with operational headquarters in Argentina, is the world’s largest private airport operator managing over 50 airports across Latin America and Europe. IFC scored CAAP 80 points, and the Tender Commission gave it 85 points. Despite its extensive experience, CAAP faces reputational challenges, including a recent $91.2 million arbitration award against Peru and regulatory scrutiny in Brazil.
Investment and operational plans:
- CAAP plans to invest €319 million in modernizing Podgorica and Tivat airports, €63 million more than IIAC, and aims to begin construction in March 2026 (vs. IIAC’s planned start in January 2027).
- CAAP intends to establish low-cost carrier bases for airlines like Wizz Air and EasyJet by 2029 and 2034, respectively. In contrast, IIAC does not plan such bases and would encourage budget carriers to reduce or withdraw services, redirecting traffic to nearby airports such as Dubrovnik and Tirana, which offer better incentives.
This divergence in scoring and strategic vision has sparked debate, as the internationally acclaimed IIAC was rejected at the local level, while CAAP’s bid, despite some controversies, currently leads. Financial bids remain confidential and will only be opened if both companies proceed to the final round.
