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    Reference: 20140408
    Release date: 13 June 2017

    Promoter – Financial Intermediary




    The project concerns the expansion and upgrade of Keflavik International Airport (KEF) in order to cater for future growth in traffic and to improve passenger service standards. The airport, which is the main gateway to Iceland, is located on the Reykjanes peninsula, 50 km southwest of Reykjavík, and handled 6.8 million passengers in 2016.


    The project will provide additional terminal, airside and landside capacity and will improve the level of service offered by the existing facilities, which are operating above capacity during peak periods. It includes the extension of the south terminal, the upgrade of the baggage handling system, the runways' renewal and construction of additional taxiways and rapid exit taxiways (RETs), new remote stands, the relocation of the main access road and various other associated investments.


    Proposed EIB finance (Approximate amount)

    EUR 100 million

    Total cost (Approximate amount)

    EUR 492 million

    Environmental aspects

    A project this of type would normally be classified under Annex II of Directive 2014/52/EU amending the Environmental Impact Assessment (EIA) Directive 2011/92/EU, which has been implemented in Iceland via the EEA Agreement. This means that the project is subject to screening by the competent authority which decides whether it should be subject to an EIA or not. Alignment with this and other national and relevant EU(EEA) environmental legislation and the status of planning permission or any other pre-development consents will be reviewed and assessed during the appraisal.


    All contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU (European Economic Area) procurement legislation, Directive 2014/23/EU, Directive 2014/24/EU and Directive 2014/25/EU, with publication of tender notices as and where required.


    Signed - 28/02/2018


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Iceland Transport