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International Internet Magazine. Baltic States news & analytics Thursday, 24.09.2020, 04:57

Rigas Udens gets EUR 5 mln loan from Swedbank for infrastructure development

BC, Riga, 15.12.2017.Print version
Swedbank and Rigas Udens municipal water utility have signed an agreement on a EUR 5 million loan, the bank reported LETA.

Rigas Udens will invest the financing in improvement of the capital water supply wand sewerage systems, and upgrade of biological waste water treatment system Daugavgriva. These improvements will improve the service quality and the ecologic situation at the Riga Bay.

"Infrastructure companies are a significant part of Latvia’s economy. We are happy to financially support projects that improve services to Latvian residents in a long term," said Swedbank representative Lauris Mencis.

Swedbank is Latvia’s largest bank has has almost one million individual customers and 71,000 corporate customers.

Rigas Udens in the first half of this year generated EUR 23.381 million in sales, down 0.7% from the respective period last year, and earned EUR 3.228 million in profit, up 12.3%.

The task of Rigas Udens is to supply residents, companies, institutions and organizations of Riga with drinkable water, and wastewater treatment. The sole owner of the company is the Riga City Council.

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