19 Jul 2019

NIB finances the development of Greenland airports

NIB and Kalaallit Airports International A/S have signed a 20-year loan agreement of DKK 450 million (EUR 63.3 million) to finance the development of Nuuk and Ilulissat international airports in Greenland.

The redevelopment of the Nuuk and Ilulissat airports are scheduled to be completed by the end of 2023.

The loan from NIB will co-finance a new 2,200 metres runway at Nuuk, a new terminal area, a new passenger terminal and a new tower.

The loan will also finance a new runway of 2,200 metres at Ilulissat Airport, a conversion of an existing 845 metres of runway into an access road, a new terminal and technical building, and a new tower.

The new airport structure in Greenland will redirect transatlantic flights from Kangerlussuaq to Nuuk and Ilulissat. Nuuk will become the main hub for Greenland.

The purpose of the investments is to establish a coherent airport infrastructure in Greenland. This will improve transport connections, increase direct flights and airline operators, reduce travel time and costs, and reduce CO2 emissions from domestic air traffic in Greenland.

“Expanding the key infrastructure in Greenland will reduce market barriers, facilitate competition and increase economic opportunities for fisheries, mineral production, eco-tourism and research,” says Henrik Normann, President & CEO of NIB.

Kalaallit Airports International A/S will develop and operate the Nuuk and Ilulissat airports. The Government of Greenland owns company 66.67% of the company, and the Government of Denmark owns the remaining 33.33%.

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 its 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 Søren Kjær Mortensen, Senior Director, Head of Origination, at +358 10 618 0249, soren.mortensen@nib.int

Mr Arild Moen, Senior Communications Officer, at +358 10 618 0496, arild.moen@nib.int