18 Dec 2014

NIB finances expansion of Keflavik Airport in Iceland

Extention to the passenger terminal at the Keflavik International Airport. Visualisation: Isavia Ltd

NIB and the Icelandic state-owned airport operating company Isavia Ltd have signed a loan agreement of EUR 32 million aimed at increasing the capacity of Keflavik International Airport.

Keflavik Airport is Iceland’s main international airport, servicing the country’s capital Reykjavik. Investments will be made in new lanes in security control, expanding the arrival and check-in areas, aircraft parking stands, runways and navigation systems for the airfield, as well as some other arrangements. The total amount of investments planned for 2014–2016 is EUR 100 million.

“Keflavik Airport has seen a steady growth of passengers in recent years. The NIB-financed investment programme will help accommodate the increased demand for services and open the Icelandic sky to more competition between airlines”, says Henrik Normann, NIB President & CEO.

"Investments are needed to meet the demand for increased capacity and services at the airport. The development plan for the airport that is scheduled to be completed next year will include all details of how the long-term needs of the airport and its users will be met. We welcome cooperation with the Nordic Investment Bank and believe that the company will benefit from having such a strong financial partner, "says Bjorn Oli Hauksson, CEO of Isavia.

Isavia is a state-owned limited company, responsible for development and operation of all public airports in Iceland. The company also manages air traffic in the Iceland Air Control Area of 5.4 million square kilometres, which includes the upper airspace over Greenland and a large part of the North Atlantic. In 2014, Isavia services around 20 international airlines at Keflavik International, flying between Iceland, Europe and North America on a regular basis.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Mr Stefán Jón Fridriksson, Senior Manager Origination, at +358 50 311 1050,

Mr Dimitrijs Alehins, Senior Communications Specialist, at +358 40 533 8779,