The European Bank for Reconstruction and Development (EBRD) is lending 30 million euros to Scandagra Group, a leading fertilizer and grain trade group in the Baltics, with the money to be invested in organic farming in Lithuania, Latvia and Estonia.
Scandagra Group CEO Julius Puodziuvelis says that the EBRD financing will help the group to move forward with the development of organic farming and to improve the competitiveness of the Baltic countries’ agriculture.
Scandagra Group last year received a 130-million-euro loan from Swedbank and SEB for investment and working capital needs.
The group, which is owned by Swedish and Danish investors, is made up of five companies operating in Lithuania, Latvia and Estonia.
The EBRD administers the Ignalina Nuclear Power Plant’s International Decommissioning Support Fund (IIDSF). The bank last year invested in green bonds issued by the state-owned energy group Lietuvos Energija (Lithuanian Energy), and, earlier, in Siauliu Bankas’ capital. It has also issued loans to some Lithuanian companies and last year loaned 50 million euros for apartment block renovation projects.
Lithuania has been a member of the EBRD since 1992.
