Kemi council approves three million euro investment in tourism company

Kemi City Council has approved a three million euro capital investment in the city’s tourism company, Icebreaking Company, Yle reports. The city will add three million euros to its investment budget for the funding.

The decision followed a vote, with 35 councillors in favour, three against and one abstention.

An appeal has been filed with the Northern Finland Administrative Court against a loan guarantee approved in June. The city cannot proceed with the guarantee, worth nearly seven million euros, until the court has considered the matter.

Kemi Mayor Matti Ruotsalainen previously told Yle that the investment was urgent because the tourism company could not suspend its operations during the appeal process.

According to Ruotsalainen, the company needs funding to service and dock the icebreaker Sampo before the winter season, as well as to develop its business in Svalbard.

The company is seeking growth in Svalbard, where it operates icebreaker cruises on the tourism icebreaker Arktis.

In March, Icebreaking Company chief executive Jaakko Löppönen said the company had potential buyers.