Estonian port operator AS Tallinna Sadam (Port of Tallinn) has been given a €25mn loan by the Nordic Investment Bank (NIB).

The capital will be used to finance an icebreaker ship – the Finnish-built Botnica – which Port of Tallinn agreed to acquire in October 2012.

Marko Raid, the port’s CFO, tells GTR: “The purchase was originally financed by Pohjola Bank and Nordea Bank. Now we’ve partially refinanced it with NIB because NIB is able to provide longer maturity at a lower price.”

However, the terms of the finance remain confidential.