<div><h2>Project Description</h2><p></p><p>Provision of up to EUR 75 million senior sub-sovereign loan to Riga Airport ("the 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 "Project", or the "Terminal"). 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).</p><p></p><h2>Project Objectives</h2><p></p><p>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.</p><p>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.</p><p></p><h2>Transition Impact</h2><p>ETI score: 63</p><p style="margin-top: -13px;"></p><p><strong>Competitive</strong>: Construction of a new, and reconstruction of the existing, terminals are expected to generate significant cost efficiency improvements on back of the reduced energy consumption and improved energy efficiency at the Airport. </p><p><strong>Inclusive: </strong>the Project will aim to introduce a skills / training component so as to enhance access to economic opportunities by strengthening a talent pool of market-relevant skills and a range of new nationally relevant training programmes. This component would focus on attracting female recruits.</p><p></p><h2>Client Information</h2><p>RIGA INTERNATIONAL AIRPORT ENTERPRISE</p><p style="margin-top: -13px;"></p><p>The Riga Airport is 100% owned by the Government of Latvia, via the Ministry of Transport.</p><p></p><h2>EBRD Finance Summary</h2><p>										EUR 75,000,000.00									</p><p style="margin-top: -13px;"></p><p>EUR 75.0 million senior loan </p><p></p><h2>Total Project Cost</h2><p>										EUR 167,000,000.00									</p><p style="margin-top: -13px;"></p><p>Total project cost is EUR 167 million (EUR 202 million with VAT)</p><p></p><h2>Additionality</h2><p></p><p>The EBRD offers financing that is not available in the market from commercial sources on reasonable terms and conditions, while closing the financing gap in the total financing costs, which includes another IFI and commercial bank(s). Moreover, the EBRD provides expertise, innovation, knowledge and/or capabilities that are material to the timely realisation of the Project's objectives.</p><p></p><h2>Environmental and Social Summary</h2><p></p><p>Categorised B (2019 ESP). The new terminal building will be undertaken within the footprint of the existing operational airport. The Environmental and Social Due Diligence ("ESDD") undertaken by an independent advisor is ongoing and focuses on the airport's current Environmental and Social ("E&amp;S") Management Systems, review of the Riga Airport operations against national and EU legal requirements and EBRD Performance requirements and potential E&amp;S impacts related to construction and operation of the new terminal building. Project key E&amp;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&amp;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. This PSD will be updated to reflects the findings of the ESDD and details of the Environmental and Social Action Plan agreed with Riga Airport.</p><p></p><h2>Technical Cooperation and Grant Financing</h2><p></p><p><strong>TC 1: Traffic and Economic assessment including a Cost-Benefit-Analysis ("CBA").</strong> An independent consultant was hired to review the traffic numbers and prepare economic assessment in line with EBRD methodology. The costs are financed by the InvestEU Advisory Hub.</p><p><strong>TC 2: Technical and Environmental due diligence.</strong> An independent consultant was hired to review the technical, environmental and social aspects of the Project. The costs are co-financed by the Airport and the InvestEU Advisory Hub.</p><p></p><h2>Company Contact Information</h2><p>Eduards Slisans<br/>e.slisans@riga-airport.com<br/>+371 26462150<br/>www.riga-airport.com<br/>P133, Marupe, Marupes novads, LV-1053, Latvia<br/></p><h2>PSD last updated</h2><p>09 Apr 2024</p><div id="docsLinks" style="display:none"><h2>Related material</h2><ul class="relMat"></ul></div><script type="text/javascript">						var projFinderService = '/project-finder-json?1=1';						var projectId = "54196";					</script><h2>	Understanding Transition</h2><p>	Further information regarding the EBRD’s approach to measuring transition impact is available <a href="https://www.ebrd.com/what-we-do/economic-research-and-data/transition-impact.html">here</a>.</p><h2>	Business opportunities</h2><p>	For business opportunities or procurement, contact the client company.</p><p>	For business opportunities with EBRD (not related to procurement) contact:</p><p>	Tel: +44 20 7338 7168<br/>	Email: <a href="mailto:projectenquiries@ebrd.com">projectenquiries@ebrd.com</a></p><p>	For state-sector projects, visit <a href="https://www.ebrd.com/pages/workingwithus/procurement.shtml">EBRD Procurement</a>:<br/><br/>	Tel: +44 20 7338 6794<br/>	Email: <a href="mailto:procurement@ebrd.com">procurement@ebrd.com</a></p><h2>	General enquiries</h2><p>	Specific enquiries can be made using the <a href="https://www.ebrd.com/eform/information-request">EBRD Enquiries form</a>.</p><h2>	Environmental and Social Policy (ESP)</h2><p>	The <a href="https://www.ebrd.com/news/publications/policies/environmental-and-social-policy-esp.html">ESP</a> and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.</p><p>	More information on the EBRD’s practices in this regard is set out in the <a href="https://www.ebrd.com/news/publications/policies/environmental-and-social-policy-esp.html">ESP</a>.</p><h2>	Integrity and Compliance</h2><p>	The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.</p><p>	OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to <a href="mailto:compliance@ebrd.com">compliance@ebrd.com</a>. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.</p><h2>	Access to Information Policy (AIP)</h2><p>	The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the <a href="https://www.ebrd.com/what-we-do/strategies-and-policies/public-information-policy.html">Access to Information Policy</a> page to find out what information is available from the EBRD website.</p><p>	Specific requests for information can be made using the <a href="https://www.ebrd.com/eform/information-request">EBRD Enquiries form</a>.</p><h2>	Independent Project Accountability Mechanism (IPAM)</h2><p>	If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).</p><p>	IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its <a href="https://www.ebrd.com/news/publications/policies/environmental-and-social-policy-esp.html">Environmental and Social Policy</a> or Project-specific provisions of its <a href="https://www.ebrd.com/what-we-do/strategies-and-policies/access-to-information-policy.html">Access to Information Policy</a>; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.</p><p>	Please visit the <a href="https://www.ebrd.com/project-finance/independent-project-accountability-mechanism.html">Independent Project Accountability Mechanism webpage</a> to find out more about IPAM and its mandate; how to <a href="https://www.ebrd.com/eform/IPAM/Request_form">submit a Request</a> for review; or contact IPAM  via email <a href="mailto:ipam@ebrd.com">ipam@ebrd.com</a> to get guidance and more information on IPAM and how to submit a request.</p><p>	 </p></div>

Riga Airport

Provision of up to EUR 75 million senior sub-sovereign loan to Riga Airport the 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 Project, or the Terminal. 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 banks.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.ETI score: 63: Construction of a new, and reconstruction of the existing, terminals are expected to generate significant cost efficiency improvements on back of the reduced energy consumption and improved energy efficiency at the Airport. the Project will aim to introduce a skills training component so as to enhance access to economic opportunities by strengthening a talent pool of market-relevant skills and a range of new nationally relevant training programmes. This component would focus on attracting female recruits.RIGA INTERNATIONAL AIRPORT ENTERPRISEThe Riga Airport is 100 owned by the Government of Latvia, via the Ministry of Transport.EUR 75,000,000.00EUR 75.0 million senior loan EUR 167,000,000.00Total project cost is EUR 167 million EUR 202 million with VATThe EBRD offers financing that is not available in the market from commercial sources on reasonable terms and conditions, while closing the financing gap in the total financing costs, which includes another IFI and commercial banks. Moreover, the EBRD provides expertise, innovation, knowledge andor capabilities that are material to the timely realisation of the Project's objectives.Categorised B 2019 ESP. The new terminal building will be undertaken within the footprint of the existing operational airport. The Environmental and Social Due Diligence ESDD undertaken by an independent advisor is ongoing and focuses on the airport's current Environmental and Social ES Management Systems, review of the Riga Airport operations against national and EU legal requirements and EBRD Performance requirements and potential ES impacts related to construction and operation of the new terminal building. Project key ES impactsrisks 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 HS 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. This PSD will be updated to reflects the findings of the ESDD and details of the Environmental and Social Action Plan agreed with Riga Airport. An independent consultant was hired to review the traffic numbers and prepare economic assessment in line with EBRD methodology. The costs are financed by the InvestEU Advisory Hub. An independent consultant was hired to review the technical, environmental and social aspects of the Project. The costs are co-financed by the Airport and the InvestEU Advisory Hub.Eduards Slisanse.slisansriga-airport.com+371 26462150www.riga-airport.comP133, Marupe, Marupes novads, LV-1053, Latvia09 Apr 2024Further information regarding the EBRD's approach to measuring transition impact is available here.For business opportunities or procurement, contact the client company.For business opportunities with EBRD not related to procurement contact:Tel: +44 20 7338 7168Email: projectenquiriesebrd.comFor state-sector projects, visit EBRD Procurement:Tel: +44 20 7338 6794Email: procurementebrd.comSpecific enquiries can be made using the EBRD Enquiries form.The ESP and the associated Performance Requirements PRs set out the ways in which the EBRD implements its commitment to promoting "environmentally sound and sustainable development".  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders' concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project's environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.More information on the EBRD's practices in this regard is set out in the ESP.The EBRD's Office of the Chief Compliance Officer OCCO promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to complianceebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.Specific requests for information can be made using the EBRD Enquiries form.If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful e.g. through the Client's Project-level grievance mechanism or through direct engagement with Bank management, individuals and organisations may seek to address their concerns through the EBRD's Independent Project Accountability Mechanism IPAM.IPAM independently reviews Project issues that are believed to have caused or to be likely to cause harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipamebrd.com to get guidance and more information on IPAM and how to submit a request.

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