EIB provides EUR 40 million for the modernisation of Sofia airport

The European Investment Bank (EIB) and SOF Connect AD, an investment firm, majority owned by Meridian, have signed a 40m-euro loan agreement for the modernization of Sofia International Airport. Funding is supported by the European Commission's Connecting Europe Facility (CEF).

EIB financing will support the modernization of infrastructure and components for regulatory activity, safety and security according to the latest standards.

In addition, the project will improve the efficiency of airport facilities, including energy efficiency components, and ensure state-of-the-art environmental protection.

Sofia International Airport is part of the main Trans-European Transport Network (TEN-T) in a cohesion region. It is among the busiest airports in the Balkans and one of the largest in Central and Eastern Europe, doubling the number of passengers between 2013 and 2019.

The Republic of Bulgaria has awarded a 35-year concession agreement for the development, modernization, maintenance, management and operation of the airport.

The EIB loan is fully in line with the Climate Bank Roadmap, which was approved in November 2020. The Roadmap excludes EIB financing for investments intended to increase airport capacity, instead relying on investments to improve existing capacity, including safety, security, modernization and decarbonisation.

"Sofia International Airport is the main international hub airport for Bulgaria, through which 7.1 million passengers passed in 2019. Although the number of trips decreased during the COVID-19 pandemic, the support for the airport in the forthcoming activities is long-term. strategic importance, as they are needed to bring the regulatory, security and energy efficiency components in line with the latest standards, and we at the EIB are happy to support this project, which has been funded by the Connecting Europe Facility and is part of the Trans-European transport network aimed at overcoming transport disparities and strengthening social, economic and territorial cohesion in the European Union, " said Lilyana Pavlova, EIB Vice-President.

"Sofia International Airport is part of our core Trans-European Transport Network and its modernization will benefit both Bulgarian citizens and the airport's employees, partners and passengers. It is encouraging to have airports that invest in environmental improvements. "We need this if we want to make air transport sustainable, intelligent and flexible. Combining EIB funds and the Connecting Europe Facility means that we can maximize the impact of our investments to achieve this goal." said Adina Valean, European Commissioner for Transport.

"We look forward to our partnership with the EIB on this important project, which will significantly increase the sustainability and reliability of the infrastructure. In addition, it will contribute to Bulgaria's economic recovery after Covid," said Thierry Deo, founder and CEO of Meridian.

The European Investment Bank (EIB) is the long-term lending institution of the European Union and is owned by the member states. The Bank provides long-term financing for sound investments to contribute to the achievement of EU policy goals.

Connecting Europe Facility (CEF) is an EU funding instrument to promote growth, jobs and competitiveness through targeted infrastructure investments at European level.

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