Business Irish

Sunday 15 September 2019

Airport gets €350m loan for increased security

Dublin Airport. Stock image
Dublin Airport. Stock image
John Downing

John Downing

Dublin Airport is to get a €350m low-interest loan from the EU's investment bank for improvements including increased security.

Taoiseach Leo Varadkar is due in Luxembourg this evening to sign the 20-year loan agreement at the headquarters of the European Investment Bank (EIB).

He will also discuss the prospect of more loans to help tackle the housing crisis and fund projects such as the rural broadband roll-out.

The €350m deal is described as the largest transport sector loan to Ireland since EU membership began. The money is to be used to improve security, reduce passenger delays and help mitigate climate change by switching the airport service fleet of vans and cars to electric vehicles.

Mr Varadkar will meet the EIB president Werner Hoyer and vice-president Andrew McDowell, who was an adviser to former Taoiseach Enda Kenny.

They will talk about other Irish projects which could benefit from EIB funding.

Dublin Airport chief executive Dalton Philips said that the EIB loan would help fund an existing investment programme.

It will be used to improve peak-time operations via an upgrade to baggage screening, more self-service check-ins, an upgrade for the two existing runways and the conversion of the airport's vehicle fleet to be entirely electric.

Mr Varadkar said he was delighted to visit Luxembourg and he warmly welcomed the loan announcement.

"I will also use the opportunity of the visit to speak to the EIB about future loan opportunities for housing projects and the National Broadband Plan," he said.

EIB president Mr Hoyer said: "This record level of support to a transport project in Ireland will strengthen Ireland's connections to Europe and the rest of the world."

Irish Independent

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