Infrastructure improvements at the three main Irish airports are being supported by the European Investment Bank with an EUR 125 million (IE£ 98 million) (1) loan. The finance goes to Aer Rianta Finance plc, wholly owned by Aer Rianta cpt, for enhancement of passenger terminals, aircraft aprons and supporting works at Dublin, Shannon and Cork airports.
The loan was signed by EIB Vice President, Michael Tutty, and Chairman of Aer Rianta, Noel Hanlon, in Dublin today.
Commenting, Michael Tutty said: "Efficient air transport links play a crucial role in an island like Ireland. Increasing capacity and improving handling efficiencies at Ireland's major airports will help Irish economic development, particularly tourism, as well as reinforcing the trans-European air network. The new investment will allow the airports to cope with future increases in traffic growth. Financing projects that underpin economic growth, particularly in assisted regional development areas, and improving trans-European communication networks are priorities for the EIB."
The EIB is owned by the Member States of the European Union. It was set up in 1958 to finance capital investment furthering EU policy objectives, and, though a not for profit organisation, it is self-financing, raising its funds by borrowing on capital markets.The EIB's key policy objectives are financing: regional development; the trans-European networks in transport, telecom and energy; knowledge and R&D intensive industries; improved international competitiveness of industry, small and medium sized enterprises, environmental protection, secure energy supplies and health and education. It also provides finance outside the EU within certain limits as part of the EU's external relations policy.
(1) 1 EUR = 0.787564 IEP, 0.638700 GBP