Megaproject
03 July 2026
Vasil Levski Sofia Airport has closed a €450 million financing package to build a new Terminal 3 and modernise its existing facilities, with construction due to begin in the autumn of 2026. The deal matters well beyond Bulgaria because of how the money was raised.
It centres on a project-financing bond listed on Euronext Dublin, the first instrument of its kind issued by a Bulgarian entity, combined with private bank debt. For a market that has long struggled to pull sustained private capital into its transport assets, the transaction reads less like a one-off and more like a template that others in the region will now study closely...
