NIB lends to deepening of Port of Ajos sea fairway in northern Finland

NIB has signed a 13-year loan with Kemin Satama Oy to finance the deepening of the port of Ajos from 10 to 12 metres, including fairway and basin dredging.

The EUR 21 million loan will also help finance the building of a new 400-metre quay, and investing in the harbour infrastructure, including technology from ship electrification to sewage, and the digitalisation of the harbour.

“The Port of Ajos is important for the Finnish forest industry and for the northern parts of Finland in general,” says André Küüsvek, President and CEO of NIB.

The investment allows for nearly a doubling of the cargo volumes of the port. The port investment is required for Metsä Group’s investments in a biorefinery, which will have significant implications on regional forestry and logistics activities.

NIB allocates the loan project to its Arctic Facility as the port serves the economy of Finland’s Arctic areas. Kemin Satama provides the quickest route to the northern parts of Finland and Scandinavia, as well as to the Murmansk region in Russia, which is the gateway to the Barents region. The main goods passing through the harbour are forest industry-related products, dry bulk, oil, chemicals, and general cargo.

Kemin Satama Oy provides port services such as areal leasing, vessel services, area maintenance, and security services. Kemin Satama is the northernmost general harbour in Finland and consists of three ports: the Ajos port area, the Veitsiluoto port area, and the Oil Harbour, which forms part of the Ajos port.

The port is located in the Bothnian bay on the northwest coast of Finland and it was founded in 1869. The company is fully owned by the City of Kemi.

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
Ms Taina Ulkoniemi, Senior Banker, Lending, at +358 10 618 0231, taina.ulkoniemi@nib.int

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