BlueOrange provides funding for “Olainfarm” development projects

August 22, 2019

On Wednesday, August 21, BlueOrange and AS “Olainfarm” signed a contract regarding the grant of financing for EUR 10.5 million. The funds granted will be invested in the company's fixed assets, execution of historical liabilities and company development — rebuilding AS “Olainfarm” cooling station and its engineering system for reducing greenhouse gas emissions. The project is co-financed by the European Union structural funds.

“We are pleased to be able to drive growth and provide support for one of the largest companies in Latvia. Lending to local entrepreneurs means support for business development, securing jobs as well as the development of the national economy as a whole, and we consider this our priority,” notes Dmitrijs Latisevs, CEO of BlueOrange.

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 45 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company's operations is to produce reliable and effective top-quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 60 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

“We are proud of our accomplishments and positive impact on the company in the long run! We appreciate the involvement of BlueOrange, taking over the company's historical liabilities and contributing further to the company's development and modernization. The support will enable us to strengthen the money flow enhancing the trust of investors and business partners,” notes Lauris Macijevskis, Chairman of the Management Board of JSC Olainfarm.