Luminor bank has granted a loan of 950 thousand euro to a forestry company Ziemeļlatvijas meži for increase of current assets. Received funds will be directed to purchase of forests and felling areas, as well as to development of the company’s economic activities not only in the northern part of Latvia, but also elsewhere in the country.
Ziemeļlatvijas meži have experienced rapid growth over the past two years, increasingly actively engaging in the forest industry and purposefully attracting new customers and cooperation partners. This year, the company has actively engaged in educating forest owners about the value and management of forests. In order to promote the development, the company received Luminor bank’s financing, also attracting an Altum guarantee of 60%.
“Forestry is one of the most important and sustainable industries in Latvia, which contributes significantly to the development of the Latvian national economy. Over the last five years, it has successfully worked and become more diverse. This year for the forestry industry as a whole has been contrasting, but relatively successful, better than expected. We are pleased to cooperate with SIA Ziemeļlatvijas meži, which by its work and activities promotes sustainability of the industry and high-quality management of forests”,
– says Ilze Zoltnere, Head of Luminor Corporate Department in Latvia.
“Ziemeļlatvijas meži company is characterized by a sustainable and responsible approach to forest management and a long-term view of business development. Thanks to Luminor financing, we will be able to carry out more extensive forest management, which will allow to free up assets for introduction of innovations. Our long-term goal is to use new technologies as extensively as possible, significantly increasing the efficiency of forest management and the quality of services provided to customers”,
– emphasizes Kristaps Grietiņš, Member of the Board of Ziemeļlatvijas meži.
About SIA Ziemeļlatvijas meži
SIA Ziemeļlatvijas meži has been operating throughout the territory of Latvia since 2014. The company’s team is formed by highly qualified forest industry specialists with many years of practical experience, in order to ensure forest management and conservation. The company purchases felling areas, forest lands and property, carries out valuation, inventory thereof and performs forestry-related legal services for the purpose of strengthening the sustainability of the forest industry. SIA Ziemeļlatvijas meži is associated with SIA Ziemeļlatvijas mežsaimnieks – the group’s company that provides a variety of forest management services.