NIB funds Estonia’s investments in cross-border air navigation services
The Nordic Investment Bank (NIB) and the Estonian Air Navigation Services (EANS) have signed a EUR 13 million loan for the company’s investment programme during 2022-2025.
The programme includes upgrades to air traffic management systems, IT development, remote air control towers, communication systems and other advancements to improve the efficiency of air navigation services.
“The past two years have been challenging. To meet the demand for providing air navigation services in the most efficient, safe and sustainable way, we need capital and smart investments towards the future,” says Ivar Värk, CEO of EANS.
The developments support the implementation of the FINEST programme, a bilateral cooperation between EANS and Fintraffic ANS Finland. The project is the first attempt of its kind in Europe to combine the airspaces of two countries, serving as a model for the EU's Single European Sky initiative. It will optimise services by creating a cross-border air traffic management system between Estonia and Finland, allowing the controllers to operate flights across national borders.
“Investments in air navigation systems are essential for safe and efficient transportation. As the number of flights is expected to grow, merging the airspace between Estonia and Finland not only helps to accommodate the demand but can also reduce the burden on the environment,” says Gunnar Okk, Vice-President and COO at NIB.
Moreover, the investments in digitalisation of Estonian regional airports in Tartu, Kuressaare, Pärnu and Kärdla, will enable EANS to provide air traffic services at several airports simultaneously from a single center, ensuring a safe and high-quality service regardless of weather conditions.
Estonian Air Navigation Services (EANS) is a state-owned public limited company under the supervision of the Ministry of Economic Affairs and Communications. EANS provide safe and efficient air navigation services together with air traffic management for both manned and unmanned air-vehicles.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s. Read more at www.nib.int
For further information, please contact:
Vilius Girkontas, Senior Banker, Infrastructure, at +358 10 618 0240, Vilius.Girkontas@nib.int
Vytautas Brazaitis, Communications Officer, at +358 10 618 0235, Vytautas.Brazaitis@nib.int
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