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Tallinn Airport secures US$32m loan to fund terminal expansion

Tallinn Airport in Estonia has secured a €30m (US$32m) loan from the European Investment Bank (EIB), the European Union’s (EU) nonprofit long-term lending institution, to help finance a series of modernization and expansion projects.

Works include the extension and reconfiguration of the passenger terminal, the reconstruction of the existing runway, and the renewal and upgrade of the airside lighting system. Smaller projects include upgrading the storm water drainage and de-icing network, as well as creating a new snow dump and aircraft run-up area. The project will increase the handling capacity of the airport by approximately 1.2 million passengers per year.

Jan Vapaavuori, vice president, EIB, said, “The EIB has been cooperating with Tallinn Airport since the late 1990s to support the airport’s development and growth as the main gateway to and from Estonia. Through the Investment Plan for Europe, the EIB has more possibilities to support such strategically important infrastructure projects that might otherwise have challenges in obtaining financing for relatively large amounts and long maturities. In addition, the case of Tallinn Airport shows how EIB financing and EU funds can bring tangible benefits to citizens through improved airport facilities.”

Violeta Bulc, EU commissioner for transport, said, “The project will facilitate economic development and create job opportunities, with long-term benefits for Estonia. It is very encouraging to see that Estonia is using the opportunities offered by the Investment Plan for Europe to develop its infrastructure and I hope to see more projects of this kind.”

Piret Mürk-Dubout, CEO, Tallinn Airport, said, “Concluding the loan agreement with the EIB is a major milestone in funding the further development of Tallinn Airport and ensuring that we continue to provide quality services in a safe, efficient and environmentally sustainable manner. The EIB loan facility also acts as a certificate of excellence to demonstrate the financial stability of Tallinn Airport.”

December 9, 2016


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