EIB invests €160m for upgrade to Palma de Mallorca Airport Terminal
The European Investment Bank (EIB) and Aena have signed a substantial €160 million loan agreement to finance the upgrade of the passenger terminal at Palma de Mallorca International Airport.
This project, a strategic component of the DORA II plan for airport regulation in Spain, falls under the EIB’s Transport Lending Policy.
Enhancements to Palma de Mallorca Airport Terminal
The upgrade project encompasses several key improvements aimed at enhancing the overall passenger experience and operational efficiency. These upgrades include:
- Optimised commercial and passenger management areas
- Upgraded terminal facilities such as electricity, air conditioning, and technical services
- Investments in enhanced security measures
- Upgraded baggage management systems
- Advanced fire and rescue detection and response systems
These comprehensive enhancements will ensure that Palma de Mallorca Airport remains a modern and efficient hub, capable of meeting the demands of increasing passenger traffic while adhering to the latest safety and security standards.
Significance for EU Cohesion and TEN-T Network
This operation is crucial for promoting cohesion within the European Union, as the funds will be fully invested in the Balearic Islands, a designated cohesion region. Cohesion regions are areas where the per capita income is below the EU average, and investments in these regions aim to reduce regional disparities, promote economic development, and foster social integration.
Palma de Mallorca Airport is also part of the trans-European transport network (TEN-T), marking this project as one of common interest for the EU. By supporting such projects, the EIB helps enhance connectivity across Europe, facilitating smoother travel and transport within the continent.
EIB’s Commitment to Sustainable Transport
The EIB’s financing of this project aligns with its Transport Lending Policy, which prioritises investments in greener, safer, and more accessible transport solutions. Updated in July 2022 following the adoption of the Climate Bank Roadmap and the European Green Deal, this policy addresses the urgent need to transition to more sustainable transport models.
Pillars of Sustainable Transport
The EIB’s approach to sustainable transport is built on four interdependent pillars:
- Safety: Ensuring all transport systems adhere to the highest safety standards to protect passengers and staff.
- Accessibility: Making transport services available and convenient for all individuals, regardless of their physical capabilities or geographic location.
- Green: Reducing the environmental impact of transport operations through eco-friendly practices and technologies.
- Efficiency: Enhancing the efficiency of transport systems to support economic growth and operational excellence.
Impact of the EIB’s Investment in Spain
In 2023 alone, the EIB allocated over €5 billion to projects in Spain, focusing on promoting social and economic cohesion. By funding the Palma de Mallorca Airport upgrade, the EIB is not only enhancing transport infrastructure but also contributing to regional development and integration. This project exemplifies how strategic investments can drive sustainable growth and improve quality of life in less developed areas.
The partnership between the EIB and Aena to upgrade Palma de Mallorca Airport’s passenger terminal is a significant step towards modernising one of Spain’s key transport hubs. This project, underpinned by a substantial €160 million loan, will bring numerous benefits, from improved passenger facilities to enhanced safety and security measures. Furthermore, it underscores the EIB’s commitment to fostering sustainable transport and promoting cohesion within the European Union. As the upgrades progress, Palma de Mallorca Airport is set to become a benchmark for modern, efficient, and environmentally friendly airport operations, benefiting both travelers and the local economy.
