Riga Freeport Gets Development Loan

As the Baltic News reports, the Nordea Bank Finland Latvian branch and Pohjola Bank have signed a loan agreement granting Riga Freeport Authority 80.2 million euros (LVL 56.4 million).  The funding will be allotted to implement the port’s infrastructure development project – moving the port’s activities from the city’s center to the northern part of Krievu Island.

This is a very important project for the Freeport Authority, covering considerable changes in the city’s infrastructure. The main goals of this project are to free the city’s historic downtown area from cargo handling operations and their negative environmental impact; maintaining the port’s competitiveness; and facilitating an attractive business environment.

The decision to implement the project of Krievu Island was adopted in 2009. Bidding was completed in 2012 and the contract was won by the construction company BMGS S. The cost of the project will be 104 million lats, of which 54 million lats is financed by the EU. The European Union’s funds, as well as support from leading figures in Latvia’s financial sector, indicate the importance of the project.

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