Early Warning System

Countries

Latvia

Geographic location where the impacts of the investment may be experienced.

Specific Location

Riga

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Proposed

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Jun 26, 2024

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

RIGA INTERNATIONAL AIRPORT ENTERPRISE

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Transport

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 81.44 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 75
Converted using 2024-04-09 exchange rate.

Project Cost (USD)

$ 181.34 million

Bank Documents

Translation: Riga Airport (Latvian)

Primary Source

Original disclosure @ EBRD website

Updated in EWS May 3, 2024

Disclosed by Bank Apr 9, 2024

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project consists of the provision of up to EUR 75 million senior sub-sovereign loan to Riga Airport. The loan will finance the construction of a new energy efficient multimodal passenger terminal, to remove existing bottlenecks at the check-in and security areas and enable the Airport to utilise its full capacity. The investment plan will comprise construction of a modern check-in hall and security control area, baggage reclaim halls, and baggage handling and sorting centre. The Terminal will be constructed alongside the old terminal, which will be also modernised and improved to meet the Airport's needs. The Terminal will become a key interchange in Latvia as it will be connected to both public (through the Rail Baltica Railway Airport station) and private transport. The Project is expected to be co-financed by the Nordic Investment Bank ("NIB") and commercial bank(s).

The Project will improve efficiency of the Airport's operations by addressing existing bottlenecks in its check-in and security areas, as well as enhancing Airport's energy efficiency.

The investments will include green certified building investments and comprehensive energy, resource efficiency and sustainability measures into the Terminal. The Terminal is to receive a BREEAM (Building Research Establishment Environmental Assessment Method) certification while the Airport is expected to continue its carbon accredited reduction, as per the Net Zero 2050 targets.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised B (2019 ESP). The new terminal building will be undertaken within the footprint of the existing operational airport. Project key E&S impacts/risks are expected to be associated with airport operational activities, new terminal construction and old terminal upgrade works and include noise emissions, hazardous substances management, labour management, contractor management, occupational and community Health and Safety ("H&S") including Gender Based Violence and Harassment ("GBVH") and stakeholder engagement. The ESDD will also review on the ground traffic arrangements to and from the Airport and identify an associated facilities to the Project.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

EUR 75.0 million senior loan.

Total project cost is EUR 167 million (EUR 202 million with VAT).

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Riga Airport is 100% owned by the Government of Latvia, via the Ministry of Transport.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	RIGA INTERNATIONAL AIRPORT ENTERPRISE	Client	-

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

COMPANY CONTACT INFORMATION

Eduards Slisans
e.slisans@riga-airport.com
+371 26462150
www.riga-airport.com
P133, Marupe, Marupes novads, LV-1053, Latvia

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html