Riga International Airport has signed an agreement with the Pohjola Bank for a €13m (US$17m) loan to expand the airport’s passenger terminal area. The terminal expansion project will allow Riga International to improve on its leading position in the Baltic States.
The Pohjola Bank, which is a Finnish-based financial services group, was chosen as creditor through an open tender process. Riga International will use the loan to expand the terminal area to cope with the increased number of passengers passing through the facility. Riga International’s current terminal has capacity for 3.5 million passengers a year, however the airport is currently processing 4.7 million a year.
The airport’s expansion and development plan also encompasses the expansion of the terminal’s non-Schengen Area and four additional boarding gates. The development will be capable of providing services for larger aircraft. The terminal extension will be integrated into the existing facility.