Riga Airport Secures €75M EBRD Loan for Expansion
Riga Airport (RIX) is moving forward with a major terminal expansion project after securing up to €75 million ($85 million) in financing from the European Bank for Reconstruction and Development (EBRD). The financing agreement is expected to be signed soon, marking a critical milestone in one of Latvia’s most ambitious infrastructure undertakings in recent decades.
Following a meeting with EBRD vice president Matteo Patrone, RIX leadership confirmed that the funding will help advance the construction of a new passenger terminal, baggage handling and sorting facilities, access roads, and a multi-storey car park. The project covers approximately 45,000 m² (430,000 ft²) of new construction.
“We are pleased that an international financial institution of EBRD’s calibre has expressed readiness to cooperate with Riga Airport. This demonstrates clear confidence in our corporate responsibility and financial stability,” said Laila Odiņa, CEO of Riga Airport.
Construction is scheduled to begin in the second half of 2025 and continue through 2029, with the existing terminal remaining fully operational during the process. Odiņa emphasized the project’s strategic role in boosting Latvia’s economic resilience, connectivity, and long-term competitiveness. “This strategic project will strengthen Latvia’s long-term economic resilience and international connectivity,” she added.
The construction tender has reached its final phase, with two bidders shortlisted. Additional funding offers have been received from the Nordic Investment Bank and OP Corporate Bank’s Latvian branch.
The expansion coincides with growing passenger traffic at Riga Airport. From January to May 2025, RIX served 2.7 million passengers, a 7% increase year-over-year. The airport also posted a €848,000 profit in Q1 2025, a strong recovery from a €540,000 loss in the same period last year.
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