Latvian-owned Lithuanian bank Citadele has extended a loan of 1.41 million euros to Lithuania’s mushroom and berry processor Agro Etalon, which will use the funds for working capital needs, informs LETA/BNS.
“We process around 300 tons of mushrooms and 1,500 tons of blackberries and other berries annually and, therefore, we have to accumulate enough funds for purchasing these forest goods,” Agro Etalon Director Darius Jarmalavicius said in a press release.
Agro Etalon, which is based in Svencionys, in eastern Lithuania, exports around 90% of its products, with Germany, France and Italy being its key export markets. The company purchases mushrooms and berries mostly from suppliers in Belarus, Ukraine and Russia.
Citadele Lithuania posted a net profit of 0.5 million euros for the first quarter of this year, down 53% from 1.05 million euros a year ago.