OP Corporate Bank plc provides up to EUR 50 million for the expansion of Riga Airport terminal
OP Corporate Bank plc has granted RIX Riga Airport a loan of up to EUR 50 million for the expansion of the passenger terminal and the modernisation of related infrastructure. The project is being financed in equal amounts by the European Bank for Reconstruction and Development and the Nordic Investment Bank, bringing the total financing available to the airport to up to EUR 150 million. Of this amount, EUR 98 million is allocated to the construction of the terminal extension, while part of the financing will be used for the implementation of next-generation passenger service and aviation security technologies.
The expansion of Riga Airport’s terminal is one of the most significant infrastructure projects in Latvia’s aviation sector. As part of the project, a new, spacious and energy-efficient passenger terminal building will be constructed, significantly increasing terminal capacity and improving the traveller experience.
“Significant infrastructure creates the conditions for economic growth, business development and international competitiveness. Riga Airport is one of Latvia’s most important connections to the world, and we are proud to be part of a project that will strengthen the long-term development potential of our country and the wider region while promoting sustainable growth,” says Elmārs Prikšāns, General Manager of OP Corporate Bank plc Latvia Branch.
As part of the project, the existing terminal will be expanded by approximately 20,000 square metres. The extension will include a new passenger check-in hall, waiting areas, a security screening zone and a baggage reclaim hall.
"At OP, our purpose is to create sustainable prosperity in the regions where we operate. We are proud to continue our long-term partnership with Riga Airport and the next stage of its development. The expansion will create new opportunities for businesses, investment and international cooperation, helping generate long-term value for Latvia and the wider region," says Matias Huhtala, Head of Baltic Banking at OP Corporate Bank.
In addition to the terminal expansion, improvements to the surrounding infrastructure are also planned. Streets, sidewalks, public outdoor spaces and landscaped areas will be developed and upgraded across a total area of 29,500 square metres adjacent to the terminal.
"The passenger terminal expansion is a long-term and carefully developed strategic project for Riga Airport. Its scale and complexity make it one of the most significant infrastructure projects in Latvia's aviation sector. Together with our partners, we are implementing the project in a balanced and efficient manner. The expansion is already needed today, and its scope has been carefully designed to address passenger demand while taking into account regional economic development prospects and the current geopolitical environment. Our goal is to create infrastructure that meets future needs and provides Riga Airport with the flexibility to continue growing," said Laila Odiņa, Chairperson of the Board of RIX Riga Airport.
Construction works will be carried out in four consecutive phases using the design-and-build model. Construction activities at the airport are expected to commence in the second half of September this year, initially focusing on site preparation and the development of temporary infrastructure, while also adapting the original concept to updated airport development needs. During the second phase, external areas and utility networks will be reorganised, and new roads and public spaces will be built and landscaped. The third phase will include construction of the terminal extension, while the fourth phase will complete the landscaping of roads and public spaces and remove temporary structures. The construction works are scheduled to be completed within 42 months.