A group of Montenegrin business owners has proposed investing in and modernising Podgorica and Tivat airports following the withdrawal of Incheon International Airport Corporation from the concession process. The group includes seven or eight domestic entrepreneurs with sufficient capital to undertake airport development under conditions comparable to those previously offered to Incheon. The initiative has received support from other major domestic business interests.
The proposal is not yet a government-approved transaction, and no financing structure, ownership model or specific investment commitment has been disclosed. Incheon had been the preferred bidder for a proposed 30-year concession covering Podgorica and Tivat before withdrawing in July. The government has since shifted toward state-led investment, planning up to €10 million in urgent improvements before the 2027 summer season and a longer-term programme worth €200 million-€300 million.
The planned investment includes terminal expansion, apron upgrades and runway works at both airports. A domestic consortium could provide private capital without transferring control to a foreign airport operator. Potential structures include private equity, bank financing, a capital increase, management agreement, joint venture or another public-private partnership. Any arrangement would need clearly defined investment obligations, tariffs, dividends and operational control, as well as a transparent valuation of Airports of Montenegro.
Combined passenger traffic at Podgorica and Tivat airports is expected to exceed 3 million in 2026, increasing pressure on terminals, parking, aprons and passenger-handling facilities, particularly at Tivat during summer. A domestic consortium would also need expertise in aviation infrastructure, security, airside operations, terminal systems and international aviation standards, potentially requiring experienced technical partners.
Montenegro could also finance airport development through EIB, EBRD or commercial debt, provided a credible master plan and revenue model are established. The immediate government programme remains focused on urgent works before summer 2027, while the larger financing decision concerns the planned €200 million-€300 million development programme.
