Cork pops up for EUR 115m EIB loan

Date: 20/11/03

IRISH airport authority Aer Rianta has completed a €115 million loan deal with the European Investment Bank (EIB) to develop Cork Airport.

It is building a 25,000 square metre terminal, scheduled for completion in 2005, which will have an initial capacity to take three million passengers per year and the potential to serve up to five million in the longer term.

The terminal will include three new 45-metre baggage reclaim belts, 30 passenger check-in desks, 3,400 square metres of retail and catering space as well as 4,500 car park spaces.

Fire fighting and technical facilities will also be upgraded.

Passenger numbers at Cork are up 16% in the year to date, with the airport due to welcome its two millionth passenger for 2003 later this month.

Welcoming the EIB loan deal, Aer Rianta chairman Noel Hanlon said: "This is a significant and cost-effective source of capital; it represents a strong vote of confidence by the Bank in the quality and value of the facilities under construction and a recognition of the importance of the airport to the economy."

Cork serves 12 scheduled airlines on 24 routes.

The European Investment Bank has completed a deal with Irish airline Aer Rianta to develop Cork airport.