The Berlin Brandenburg Airport (BER), a project plagued by years of delays and financial woes, has secured a crucial €1.2 billion refinancing package without requiring guarantees from its shareholders – the federal government and the states of Berlin and Brandenburg. This marks a significant, albeit tentative, step towards the airport’s financial independence, a long-sought goal following its controversial opening five years ago.
According to Aletta von Massenbach, CEO of Flughafen Berlin Brandenburg GmbH (FBB), the successful refinancing, orchestrated by a consortium led by Norddeutsche Landesbank (NordLB) and Commerzbank AG, signifies a watershed moment. The deal, significantly oversubscribed by twelve national and international banks and development institutions, avoids further straining the budgets of the already burdened state and federal entities who have consistently propped up the airport’s operations.
While hailed as progress, analysts caution that the new financing merely addresses a persistent issue rather than resolving the underlying structural problems. The airport continues to operate at a loss, a consequence of high investment costs compounded by the disruptive impact of the COVID-19 pandemic. The continued reliance on external funding, even without the prior requirement of shareholder guarantees, raises questions about the long-term viability of the airport’s business model.
Von Massenbach acknowledged the transitional phase, projecting a potential shift to profitability “towards the end of the 20s”. However, she also suggested that future financing rounds in five years could yield even more favorable conditions dependent on improved financial performance. This projection carries weight, but the success of BER’s future profitability remains critically dependent on factors beyond financial mechanisms.
Political observers point out that the episode exposes a deeper issue of fiscal responsibility within German infrastructure projects. The decades-long saga of BER’s construction has become a symbol of cost overruns and questionable governance, forcing successive governments to repeatedly bail out the airport. While the current refinancing offers temporary respite, the broader questions surrounding accountability and robust project planning within Germany’s public sector remain largely unanswered, hinting at potential for recurring financial burdens on the taxpayer.