Riga Port gets development loan

RIGA - The Nordea Bank Finland Latvian branch and Pohjola Bank have signed a loan agreement on granting Riga Freeport Authority 80.2 million euros, reports Nozare.lv. 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, envisaging considerable changes in the city’s infrastructure. Its main goal is 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 European Union’s funds, as well as support from leading figures in Latvia’s financial sector, indicate the importance of the project.