NIB finances passenger terminal expansion at Riga Airport

• NIB has signed a EUR 50 million, 20-year loan agreement with RIX Riga Airport to finance the expansion of the passenger terminal and related infrastructure upgrades.
• The project will deliver an energy-efficient extension to the passenger terminal equipped with modern service and security technologies, increasing capacity, improving the travel experience, and supporting the airport’s long-term development.

“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.

“Growth depends on connections, and connections depend on capacity. Expanding Riga Airport is an investment in infrastructure that strengthens regional connectivity and helps Latvia and the wider Nordic-Baltic region remain competitive and ready to seize new opportunities,” said Jeanette Vitasp, NIB Vice President and Head of Lending.

The project includes new check-in facilities, passenger waiting areas, a security screening zone, and a baggage reclaim hall. Areas surrounding the terminal, including access roads and parking facilities, will also be redeveloped. New passenger service and security technologies will further improve comfort, efficiency, and the overall travel experience.

The terminal expansion will add approximately 20,000 square metres of new building space. In addition, 29,500 square metres of roads, pavements, public spaces, and landscaped green areas will be developed. The new facilities will address capacity constraints at the current terminal and accommodate growing passenger demand.

The construction cost of the terminal expansion is estimated at EUR 98 million. Financing will be provided equally by three lenders: NIB, the European Bank for Reconstruction and Development and OP Corporate Bank plc Latvian Branch. The funding will also support the installation of next-generation passenger service and aviation security technologies. Total financing available under the lending arrangements amounts to up to EUR 150 million.

Construction will be carried out in four consecutive stages. Works are scheduled to begin in the second half of September 2026 and to be completed within 42 months. The project is targeting a BREEAM Very Good sustainability certification rating.

Nordic Investment Bank (NIB) is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. NIB strengthens the competitiveness, sustainability, and resilience of the Nordic-Baltic region. The Bank is headquartered in Helsinki with a regional hub in Riga. NIB has the highest possible credit rating, AAA/Aaa, with S&P Global Ratings and Moody’s.    

For further information, please contact

Vilius Girkontas, Senior Banker, +358 10 618 0240, Vilius.Girkontas@nib.int

Elīna Neimane, Senior Communications Officer, +358 10 618 0871, Elina.Neimane@nib.int