Banks, Good for Business, Latvia, Loan, Port, Transport

The bank's loan will be used for implementation of several projects co-financed by the European Union, the objective of which is to renovate hydrotechnical facilities at Liepaja Port and Karosta, deepen the port's waterways and open the Northern Gate for ship traffic, said Penke.

Liepaja Port is protected by a complicated system of hydrotechnical protective structures, including three gates that connect the port area with the open sea. At present, part of port's hydrotechnical structures is in bad condition, and only two of three port gates are used for regular ship traffic, reducing the level of maritime safety when ships are entering or leaving the port and moving within the port area.

SEB Banka board member Arnis Skapars said that the goal of these projects was to increase Liepaja Port's competitiveness. After the projects are implemented, effectiveness of the port's operations will improve and more ships will be able to enter the port at one time. Given that Liepaja Port is a large employer in Liepaja, the projects will be beneficial for the entire city.

Liepaja Port is the third largest port in Latvia. In January-June this year, the port's cargo turnover amounted to 3.87 mln tons, which is 18% more than in the first half of 2017. The number of ships entering the port rose 5 percent, and the port's passenger turnover increased 25%.

SEB Banka is the third largest bank in Latvia in terms of assets.