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International Internet Magazine. Baltic States news & analytics Monday, 10.08.2020, 18:58

Luminor grants EUR 65 mln to Latraps

BC, Riga, 08.07.2020.Print version
Luminor Bank in Latvia has granted a EUR 65 million credit facility to agricultural cooperative society Latraps, LETA was told at the bank.

Luminor representatives informed that the credit facility has been provided to Latraps for financing working capital: grain purchases from farmers, as well as purchases of mineral fertilizers and plant protection products for reselling them to farmers. 


"Events of this spring showed the importance of a strong agricultural sector in Latvia, the importance of our ability as a state to provide the internal market with food in the circumstances of an emergency, and we also appreciated the value of our export potential," said Luminor spokeswoman Ilze Zoltnere. 


Latraps board chairman Edgars Ruza said he is looking forward to the new harvest with great hopes.


"We are ready to buy produce from members of the cooperative, so that we can prepare and deliver it to consumers in Latvia, as well as markets in the Middle East and Africa. The credit facility will be used not only to pay for the harvest but also to purchase materials for sowing winter crops, thus ensuring a stable foundation for future development," said Ruza.


Latraps turned over EUR 270 million last financial year. 


In the previous financial year, July 1, 2018 to June 30, 2019, Latraps achieved EUR 198.867 million in turnover, which was 10.7 percent less than in the preceding financial year, while profit decreased by 35.1 percent to EUR 664,704.


Latraps was registered in 2000. The cooperative buys and sells agricultural raw materials and processes grain and rapeseed.






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