COBALT advised EIB on EUR 39 million loan to Latvijas Finieris Group
2022 - 12 - 28
COBALT advised European Investment Bank (EIB) on granting of EUR 39 million to Latvijas Finieris Group, a leading Latvian mid-cap manufacturer of birch plywood, for investments in research and development and to modernise and expand the integrated birch plywood production facility at Lignums and at Verems. The agreement comes under the Investment Plan for Europe supporting sustainable investment, innovation, and job creation in Europe.
Through this first loan agreement with the EIB, Latvijas Finieris is seeking to improve the efficient use of natural resources and aims to reduce the environmental footprint of its operations.
Valdis Dombrovskis, Executive Vice-President of the European Commission for an Economy that Works for People, said: “I welcome this agreement with the EIB, which, backed by the EU budget guarantee, will support both Latvijas Finieris’ investments in research and development and its capacity expansion, while reducing its environmental footprint. Birch plywood manufacturing is an important sector in Latvia, with a key stake in the country’s labour market and global standing as a lead producer in the bioeconomy. We will continue to help businesses like Latvijas Finieris access the funding they need to keep on innovating, scale-up and foster job creation.”
COBALT provided local legal advice to the lender. Our project team was led by COBALT Partner Edgars Lodziņš and included Senior Associate Inga Tenisa and Junior Associate Maira Pužule.
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