Iceland. Isavia ohf.

Date of agreement:16 May 2023
Customer:Isavia ohf.
Amount in EUR:EUR 50 million
Maturity:10 years


NIB and Isavia ohf. have signed a 10-year loan agreement of EUR 50 million to finance the construction of the Keflavík International Airport expansion, which involves the construction of a new East Wing Terminal.

The expansion project includes the construction of a new East Wing Terminal, which will extend the main terminal by 23,000 m2 to the east, increasing the total terminal area by 30%. Since 2017, Isavia has been working on the development of Keflavík International Airport to enhance the overall passenger experience and increase the airport’s capacity to meet the growing demand for air travel to and from Iceland.

Fulfilment of NIB's mandate

The current terminal design is capable of accommodating eight million passengers, which implies that by 2024, it will already be under strain due to projected passenger growth. The new terminal, which is expected to be completed by 2024, will increase the passenger capacity to 9.5 million, which is anticipated to be achieved in 2025.

The enlargement of the duty-free store in the new East Wing Terminal will contribute to Isavia’s revenue stream.

Sustainability summary

The building will be environmentally certified and is expected to achieve an Excellent rating according to the international BREEAM classification.

Press release

NIB finances new East Wing Terminal at Keflavík International Airport

Press release

NIB fjármagnar nýja austurálmu flugstöðvarinnar í Keflavík