The European Investment Bank has signed a €175 million ( US$180.38 million ) loan with airport operator Royal Schiphol Group, representing the  first installment of a total financing of €400 million.

Schiphol has launched a €6 billion investment programme, which is spread over five years. It comprises the maintenance and renovation of aviation infrastructure, renovation of passenger and employee facilities, and implementation of innovative improvements to working conditions.

The new loan will be used primarily for the construction of a new baggage basement, which will provide the necessary capacity to replace and upgrade the existing baggage system and improve working conditions for baggage handlers.

"The largest investment programme in the airport’s history asks for robust finances and healthy cashflows," says Royal Schiphol Group chief financial officer Robert Carsouw. "Additional financial resources are necessary in order to realize the infrastructure investments. We are very pleased with the support of the EIB and look forward to continuing our long-standing relationship. This loan contributes to ensuring our financial foundation."

Schiphol is on a path towards financial recovery, after several difficult years. In the first half year of 2024, the group’s airports handled 36.1 million passengers, with the vast majority ( 31.8 million ) going through Amsterdam Airport Schiphol.