"Parex Bank" to arrange attracting USD 300 million for Riga Passenger Port's development project
The funding of about USD 300 million, required for implementation of the Riga Passenger Port^apostrofs;s development concept, will be arranged by the joint-stock company "Parex Bank", newspaper "Dienas Bizness" (DB) reports today.
The funding of about USD 300 million, required for implementation of the Riga Passenger Port's development concept, will be arranged by the joint-stock company "Parex Bank", newspaper "Dienas Bizness" (DB) reports today.
"Parex Bank", which has already allotted LVL 12 million to "Rigas pasazieru terminals Ltd." (Riga Passenger Terminal, RPT), the lessee of the Riga Passenger Port, for launching the project, also plans to actively participate in attracting funds for the project in the future, Guntars Grinbergs, deputy chairman of the bank's board, told DB.
According to DB, "Parex Bank" intends to issue loans to enterprises that will want to participate in the project according to the concept. Some Scandinavian companies already have inquired about the project, but Grinbergs declined to specify what companies these were.
According to Grinbergs, the port development project will ensure versatile business, creating more opportunities for making profit, therefore this is a good risk for the bank and its investments will pay. The Passenger Port development project stipulates not only development of the passenger terminal but also construction of commercial and apartment buildings.
When asked whether companies wanting to participate in the project with their own funds or creditor would be declined, Grinbergs said that "Parex Bank" was also interested in cooperating with other banks. He also did not give a concrete answer if RPT could have another credit line opened in "Parex Bank".
DB adds that implementation of the project must be approved by the Riga City Council and it will have to actively participate in the project, which means that the concept could be corrected yet.
Druvis Murnieks, member of the joint-stock company "Hansabanka" board, told DB that "Parex Bank" could not grant a USD 300 million loan to one enterprise. Nevertheless, since this is a free market, businessmen are free to choose among various banks' offers instead of signing loan agreements with just one bank.
DB also reminds that "Parex Bank" provided funds for purchase of the "Baltic Kristina" ferry, it allotted a USD 7.7 million loan to the ferry's current owner, the joint-stock company "Rigas juras linija" (Riga Sea Line). According to Grinbergs, this is just a coincidence. The loan for purchase of the ferry was issued before RPT acquainted the bank with its business plan.
As reported, the Norwegian company "Aspade International" has drawn up the Riga Passenger Port's three-level territorial development project, ordered by RPT. According to the project, an artificial elevation will be built, apartment and office buildings will be constructed on it, whereas underneath, there will be four terminals for cruise ships.
The middle level will include a continuation of Eksporta Street, so that the housing and business area on the upper level could be bypassed by traffic without causing any congestion.
In order to ensure that residents of the area and people who work there can use their personal automobiles, smaller streets and underground parking lots will stem off the middle level's main street, they will be accessible from all buildings on the surface. Elevators will also be constructed so that access to the parking lots is more convenient.
The project stipulates that the underground parking lots will be some 0.8 meters above the Daugava River, the central level, Eksporta Street and the passenger terminals - about 3.5 meters above the Daugava's level.
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"Parex Bank", which has already allotted LVL 12 million to "Rigas pasazieru terminals Ltd." (Riga Passenger Terminal, RPT), the lessee of the Riga Passenger Port, for launching the project, also plans to actively participate in attracting funds for the project in the future, Guntars Grinbergs, deputy chairman of the bank's board, told DB.
According to DB, "Parex Bank" intends to issue loans to enterprises that will want to participate in the project according to the concept. Some Scandinavian companies already have inquired about the project, but Grinbergs declined to specify what companies these were.
According to Grinbergs, the port development project will ensure versatile business, creating more opportunities for making profit, therefore this is a good risk for the bank and its investments will pay. The Passenger Port development project stipulates not only development of the passenger terminal but also construction of commercial and apartment buildings.
When asked whether companies wanting to participate in the project with their own funds or creditor would be declined, Grinbergs said that "Parex Bank" was also interested in cooperating with other banks. He also did not give a concrete answer if RPT could have another credit line opened in "Parex Bank".
DB adds that implementation of the project must be approved by the Riga City Council and it will have to actively participate in the project, which means that the concept could be corrected yet.
Druvis Murnieks, member of the joint-stock company "Hansabanka" board, told DB that "Parex Bank" could not grant a USD 300 million loan to one enterprise. Nevertheless, since this is a free market, businessmen are free to choose among various banks' offers instead of signing loan agreements with just one bank.
DB also reminds that "Parex Bank" provided funds for purchase of the "Baltic Kristina" ferry, it allotted a USD 7.7 million loan to the ferry's current owner, the joint-stock company "Rigas juras linija" (Riga Sea Line). According to Grinbergs, this is just a coincidence. The loan for purchase of the ferry was issued before RPT acquainted the bank with its business plan.
As reported, the Norwegian company "Aspade International" has drawn up the Riga Passenger Port's three-level territorial development project, ordered by RPT. According to the project, an artificial elevation will be built, apartment and office buildings will be constructed on it, whereas underneath, there will be four terminals for cruise ships.
The middle level will include a continuation of Eksporta Street, so that the housing and business area on the upper level could be bypassed by traffic without causing any congestion.
In order to ensure that residents of the area and people who work there can use their personal automobiles, smaller streets and underground parking lots will stem off the middle level's main street, they will be accessible from all buildings on the surface. Elevators will also be constructed so that access to the parking lots is more convenient.
The project stipulates that the underground parking lots will be some 0.8 meters above the Daugava River, the central level, Eksporta Street and the passenger terminals - about 3.5 meters above the Daugava's level.
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