The Nordic Investment Bank (NIB) and the Estonian port operator AS Tallinna Sadam have signed a EUR 25 million loan agreement for financing the acquisition of an icebreaker.
The Finnish-built “Botnica” that was acquired by AS Tallinna Sadam in October 2012 substantially reduces the need for leasing additional capacity for maintaining ice-free routes in Estonian waters. NIB is financing half of the icebreaker’s purchase price.
“Botnica” is designed as a multipurpose vessel of unrestricted service. In winter time, it works as an icebreaker in the Baltic Sea area helping to keep Estonia’s harbours on the coast of the Gulf of Finland ice-free. In the open-water period, it serves as an offshore construction vessel worldwide.
“Upgraded ice-breaking services are critical to the competitiveness of Estonia’s port infrastructure. The project is aimed to improve the reliability and quality of the port services in the country,” says Henrik Normann, NIB President & CEO.
AS Tallinna Sadam (the Port of Tallinn) is a fully state-owned company that owns and operates five seaports in Estonia, in the Old City of Tallinn, Muuga, Paldiski South, Paljasaare and Saaremaa.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.