Icelandic airport operator Isavia and Nordic Investment Bank (NIB) have signed a ten-year, €50m loan agreement to fund work on Keflavík  International Airport.

The loan agreement was signed by Isavia CEO Sveinbjörn Indriðason and Stefán Jón Friðriksson, senior banker at NIB. It will finance the construction of the new East Wing at Keflavík International Airport.

The East Wing project will add 23,000m2 to the main terminal building, increasing the total terminal area by 30%. The new building is expected to achieve an Excellent rating according to the international BREEAM (Building Research Establishment Environmental Assessment Method) classification. It will be partially ready for use before the end of 2023 and fully ready in 2024.

According to Isavia CEO Indriðason, the company has set itself ambitious but also well-defined and clear goals in environmental matters. “The airport expansion is certified by BREEAM, an independent environmental certification system which ensures that restraint and sustainability will be the guiding principle in our construction. The aim is to reduce the carbon footprint of the construction, reduce water and electricity consumption and maintain green areas and biodiversity in design and implementation,” he added.

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.

Image: Isavia