Funding for Tallin airport from the EBRD to the tune of 7.6 million euros

Published: 5/26/1999

According to the Estonian news agency ETA, Tallinn Airport has signed a loan agreement with the European Bank for Reconstruction and Development in London, borrowing 7.6m euros or 119m kroons. The state guaranteed funding will be used to rebuild the passenger terminal of the airport and will be repaid over the 15 years. The EBRD first vice president, Charles Frank and Rein Loik, chairman of the board of Tallinn Airport, signed the agreement. Finance minister Siim Kallas signed the guarantee agreement on behalf of the Estonian government. Loik said that the reconstructed terminal would be opened at the end of the year. The construction of the passenger terminal is also supported by the European Investment Bank (10-million-euro loan), Tallinn Airport (2.2m euros from its own funds), the government of Estonia (2.5m euros of investment support), the government of Norway (1m euros for design) and the French government (0.7 million euros for design). The total cost of construction is 330m kroons and the passenger terminal after construction will be capable of handling 1.4m passengers a year. The airport has made a regular profit of 7-8m kroons over the last few years according to the ETA report.

Article ID: 539