Riga Airport Administrators Hold Discussion with EBRD's Deputy President

Freshened Up Dispatch:

On the 4th of June, the crew at Riga Airport's boardroom welcomed Matteo Patrone, Vice-President of the European Bank for Reconstruction and Development (EBRD), for a lively chat about the future of their passenger terminal project.

The EBRD's green light shines brightly on this expansion endeavor, as they've agreed to plunk down up to €75 million! Today's discussion revolved around tracking the project's progress and outlining the next crucial steps toward the inking of the financing agreement. Fingers crossed, the ink should dry soon!

During the meeting, the Riga Airport team surprised Matteo with a sneak peek of their eco-friendly, sustainability game plan. They're tuned into aligning with Latvia's and the EU's green objectives. Both parties agreed that sustainable and eco-friendly principles should become the new standard in the transport sector's infrastructure.

"We're over the moon that a financial heavyweight like EBRD wants to hang out with Riga Airport!" exclaimed the Chairperson of the Board of RIX Riga Airport, Laila Odiņa. "The terminal expansion is a colossal piece of modern Latvian history! It'll not only revolutionize aviation but also tourism, trade, and technology. This project will be the keystone for growth, eco-friendliness, and Latvia's international competitiveness."

As the international construction competition enters its final stretch, with just two contenders remaining, the excitement is palpable. The results will be revealed this summer, following EBRD's procurement procedures. The winning contender will sign a FIDIC Yellow Book contract, issued by the International Federation of Consulting Engineers. The project aims to bag a BREEAM Excellent sustainability certification.

In addition to EBRD, Riga Airport has gathered binding financial offers from the Nordic Investment Bank and the OP Corporate Bank plc Latvian branch.

The planned expansion will carve out roughly 45,000 additional square meters of terminal space. Despite the construction chaos, the Airport will keep its engines running at full tilt all the way until the second half of 2025. Construction is expected to commence then, with completion scheduled for 2029.

Here's a quick recap of the game plan:

Timeline: Construction for the terminal expansion begins in the second half of 2025, following the conclusion of the international construction tender.
Financing: Riga Airport has secured financial support from international sources, although specifics about agreements with EBRD, NIB, and OP Corporate Bank remain under wraps.
** стратегия**: The expansion project is part of Riga Airport's broader mission to enhance its travel capacities and establish itself as a significant Northern European hub. They're also putting in the effort to achieve net-zero emissions by 2035.

To dig deeper into the nitty-gritty details about financing agreements, it's recommended to check out the latest reports from Riga Airport or the financial institutions involved.

The new terminal expansion project at Riga Airport, backed by a €75 million investment from the European Bank for Reconstruction and Development (EBRD), aims to boost aviation, tourism, trade, and technology industries.
Matteo Patrone, Vice-President of EBRD, praised Riga Airport for its eco-friendly and sustainable infrastructure plans, aligning with Latvia's and the EU's green objectives in the transport sector.
The planned expansion will not only increase the airport's terminal space by approximately 45,000 square meters but also strive for a BREEAM Excellent sustainability certification.
Alongside EBRD, Riga Airport has obtained binding financial offers from the Nordic Investment Bank and the OP Corporate Bank Plc Latvian branch for this significant expansion, paving the way for growth in Latvia's international competitive edge.