Finnish airport operator Finavia has entered a $29.02m (€25m) loan agreement with Nordic Investment Bank (nib) to fund Terminal 2 expansion at Helsinki Airport (HEL).

The expansion of Terminal 2 is being executed under the airport’s fourth and final phase of the strategic investment programme, with the NIB loan having a tenure of 15 years.

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Since 2014, the airport has been carrying out extensive work to expand and modernise the site.

The total investment value for the modernisation project stands at around $1.16bn (€1bn).

In 2015, NIB provided HEL with a loan of $174.12m (€150m).

Finavia’s investment programme intends to fortify the competitive position of HEL and improve services.

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NIB president and CEO André Küüsvek said: “The development of the Helsinki Airport is a long-term investment that aims to future-proof the operations of this significant Nordic air traffic hub. It is also remarkable that all Finavia’s airports, including the Helsinki Airport, are considered carbon-neutral and the company is now working towards net zero emissions.”

The investment programme, which will increase the airport’s capacity, is projected to be completed by 2023.

Despite the Covid-19 pandemic, Finavia has continued with Helsinki Airport’s strategic development programme according to the plan.

Last month, Finavia completed the expansion of the long-haul flight area at HEL as part of the Helsinki Airport development programme.

Finavia, which is wholly owned by the state of Finland, manages 20 airports in the country.

In addition, NIB is an international financial institution owned by eight member nations, namely Denmark, Estonia, Iceland, Latvia, Lithuania, Finland, Norway and Sweden.