The European Investment Bank loans €175m for Schiphol Airport extension
Photo Credit To European Investment Bank

The European Investment Bank loans €175m for Schiphol Airport extension

The European Investment Bank loans €175m for Schiphol Airport expansion

The European Investment Bank (EIB) and N.V. Schiphol Airport have signed a loan agreement of Euro 175 million, the first instalment of a total financing of Euro 350 million. Schiphol will use the funding to finance part of the planned expansion of Amsterdam’s airport.

Between 2017 and 2024 the airport will build a new terminal and a new pier, which will allow for a growth in capacity of up to 15 million passengers per year. In addition, the airport will relocate and renew other parts of the related infrastructure, such as internal roads and car parks.

“Schiphol is a showpiece for the Netherlands and in a time of continuous modernisation further development of the airport is essential.” said EIB vice-president Pim van Ballekom. “The EIB has supported Schiphol in the past, for example in the construction of the fifth runway and the new baggage handling system, and we hope to continue to do so in the future.”

“Schiphol is very pleased that the EIB is willing to stimulate the expansion of Schiphol with this financing facility. It is a confirmation of the very good relationship that we have built up over the years.” added Schiphol’s CFO Els de Groot. “Thanks to the planned expansion we will continue to offer the best possible service to our passengers, safeguarding our position as our country’s mainport and connecting the Netherlands to the rest of the world.”

The new pier is planned to be completed by the end of 2019. The terminal is planned to open for operations in 2023.

The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. The Netherlands is one of the 28 shareholders of the EIB, owning a 4,6% stake in this European institution. In 2016, the EIB made available a record volume of over Euro 2.56 billion in preferable financing to Dutch projects.

The Royal Schiphol Group is an enterprise that operates airports in the Netherlands, conducts international activities and participates in airports abroad. Operating Amsterdam Airport Schiphol is the Group’s largest activity. Royal Schiphol Group is the owner and operator of Rotterdam The Hague Airport and Lelystad Airport, and holds a majority share in Eindhoven Airport.

Post source : European Investment Bank

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