The European Investment Bank will lend Ђ30 million to Vereinsbank Riga to finance SME infrastructure projects.
According to Thomas Schuetze, president of Vereinsbank Riga, the loan will be used to finance industrial services and tourism projects, implemented by SMEs, as well as initiatives for environment, infrastructure and knowledge based economy, rational use of power resources, modernising health care and health care institutions in Latvia.
The Ђ30 million loan has a term of 7 years, with an option to extend to 12 years in the case of larger infrastructure projects. Since 1998 Vereinsbank had received between Ђ10 million and Ђ20 million loans from EIB that were used for similar purposes.
Vereinsbank Riga is the 12th-largest bank in Latvia, by assets, in Q1 2004, and the 8th by volume of loans issued.
Source: Baltic Business News
