Riga Airport (RIX) is preparing to move forward with a major terminal expansion project following a meeting with the European Bank for Reconstruction and Development (EBRD), which has approved up to €75 million ($85 million) in financing.
The meeting, held between the airport’s board and EBRD vice president Matteo Patrone, focused on the progress of the expansion and the next steps leading up to the finalization of the financing agreement. The loan is expected to be signed soon, helping to advance what officials describe as one of Latvia’s most significant infrastructure projects in decades.
“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,” RIX CEO Laila Odiņa says.
The expansion project includes a new passenger terminal, a baggage handling and sorting complex, new access roads, and a multi-storey car park. The total planned construction area is approximately 45,000 m2 (430,000 ft.2).
RIX’s existing terminal will remain fully operational during construction, which is slated to begin in the second half of 2025 and be completed by 2029.
Odiņa says the project has the potential to boost tourism, trade and innovation across the Latvian economy. “This strategic project will strengthen Latvia’s long-term economic resilience and international connectivity,” she adds. “We have the potential to become a catalyst for innovation and growth across multiple sectors.”
The construction tender for the new terminal is currently in its final stage, with two shortlisted bidders remaining. Additional binding offers of financing have been received from the Nordic Investment Bank and OP Corporate Bank’s Latvian branch.
The expansion comes amid passenger growth for RIX. Between January and May 2025, the airport handled 2.7 million passengers, up 7% from the same period last year. In the first quarter of the year, the airport also posted a profit of €848,000, compared with a loss of €540,000 in the first three months of 2024.
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