Finnish airport operator Finavia has entered into a $ 29.02 million (€ 25 million) loan agreement with Nordic Investment Bank (NIB) to finance the expansion of Helsinki Airport Terminal 2 (HEL ).
The expansion of Terminal 2 is being carried out as part of the fourth and final phase of the airport’s strategic investment program, the NIB loan having a term of 15 years.
Since 2014, the airport has been carrying out major expansion and modernization work on the site.
The total investment value for the modernization project is approximately $ 1.16 billion (€ 1 billion).
In 2015, NIB granted HEL a loan of $ 174.12 million (€ 150 million).
Finavia’s investment program aims to strengthen HEL’s competitive position and improve services.
NIB Chairman and CEO André Küüsvek said: “The development of Helsinki Airport is a long-term investment aimed at sustaining the operations of this important Nordic air traffic hub. It is also remarkable that all Finavia airports, including Helsinki Airport, are considered carbon neutral and that the company is now working on net zero emissions.
The investment program, which will increase the capacity of the airport, is expected to be completed by 2023.
Despite the Covid-19 pandemic, Finavia continued with the strategic development program for Helsinki Airport according to plan.
Last month, Finavia completed the extension of HEL’s long-haul flight area as part of the Helsinki Airport Development Program.
Finavia, 100% owned by the Finnish state, manages 20 airports in the country.
In addition, NIB is an international financial institution owned by eight member countries, namely Denmark, Estonia, Iceland, Latvia, Lithuania, Finland, Norway and Sweden.