Latvia. VAS Latvijas Gaisa Satiksme
| Date of agreement: | 05 Apr 2024 |
|---|---|
| Country: | Latvia |
| Customer: | VAS Latvijas Gaisa Satiksme |
| Amount in EUR: | EUR 25 million |
| Maturity: | 15 years |
| NACE sector / loan type: | Air transport |
Project
The loan with Latvijas Gaisa Satiksme (LGS) will co-finance its 2024–2026 investment programme to propel air navigation advances.
The EUR 25 million loan has been provided to upgrade and expand air traffic control systems, including the construction of a new Air Traffic Control (ATC) Tower and an advanced air navigation system. These enhancements will improve air traffic control safety, reduce fuel consumption, lower emissions and minimise noise, aligning with the objectives of the European Green Deal.
The driving force behind the investments is the need to modernise the existing infrastructure, which is no longer suitable for the airport’s needs and is hindering the introduction of modern technologies. The new facility will also allow the introduction of Remote-
Control Tower technology for other airports in Latvia, facilitating centralised air traffic control.
Fulfilment of NIB's mandate
Productivity:
The loan will strengthen LGS in modernising and expanding its air navigation infrastructure, aligning with Latvia’s sustainability and efficiency objectives. This strategic financing aims to bolster LGS’s role in air traffic management, enhance safety and promote the aviation sector’s growth, contributing to Latvia’s economic development.
Environment:
The loan programme is earmarked for LGS to upgrade its air navigation systems, reducing carbon emissions and noise pollution while aligning with the European Green Deal objectives. By facilitating the introduction of environmentally sustainable technologies, NIB’s financing will help LGS contribute to a greener future for Latvia and support long-term economic growth in the region.
Sustainability summary
NIB has not identified any significant sustainability issues in connection with the project.
