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Banks unwilling to fund Lithuanian cooperative Pienas LT's dairy plant

Andriaus Ufarto/BFL nuotr. / Varškė
Šaltinis: BNS

Lithuania's agricultural cooperative Pienas LT cannot start building its planned milk processing facility in the Kaunas free economic area as banks do not want to lend money for the project, the Valstiečių Laikraštis newspaper reports.

"The process is not going as smoothly as we would want it to go. Loans are the key obstacle. We all know what things are now when one wants to obtain a loan," it quoted Pienas LT Chairman Naglis Narauskas as saying.

Albertas Silkaitis, a member of the management board at Pienas LT, said that there are those willing to sink the cooperative milk production facility project.

"Milk processors are working every second day or are using only half of their capacities. One more plant would be very inconvenient for them. It may happen that they will be unable to import (milk) from Latvia, where Russians are gaining a strong foothold in milk processing industry. Therefore, the (Lithuanian) processors do not want a serious competitor," he said.

The new milk processing facility, which has received 50.8 million litas (EUR 14.74 m) in EU funding, is estimated to cost around 90 million litas in total.

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