EU's InvestEU Boosts Balticovo's Egg Production with Sustainable Loan
The European Union's InvestEU programme has facilitated a significant loan for JSC Balticovo, a leading egg producer in the Baltics. The ten-year maturity loan, arranged by the Nordic Investment Bank (NIB), will support Balticovo's expansion and sustainability news.
Balticovo, employing 360 people and producing over 3 million eggs daily, will use the loan to build new aviary production houses, rearing poultry houses, and an advanced egg-sorting line. This will increase its production capacity by nearly 50% and reduce cage egg production from 60% to 14%.
The new facilities will boast advanced lighting systems, constant feed access, purified water, and an efficient management system, enhancing hen wellbeing and reducing emissions. NIB, the international financial institution of the Nordic and Baltic countries, has been instrumental in providing this crucial long-term funding. Kaspars Piladzis, Senior Banker and Country Lead for Latvia at NIB, emphasised the importance of long-term financing for mid-cap companies like Balticovo to secure growth and diversify funding sources.
With the support of the InvestEU programme and NIB, Balticovo's investments aim to improve competitiveness and accelerate the shift towards more sustainable operations. The loan will facilitate the construction of new barns, increasing production capacity and reducing cage egg production. This not only boosts the company's growth but also aligns with the EU's sustainability goals.
