NIB backs Balticovo with a EUR 30 million InvestEU-supported loan to boost capacity nearly 50% and slash cage-laid eggs to 14%

NIB backs Balticovo with a EUR 30 million InvestEU-supported loan to boost capacity nearly 50% and slash cage-laid eggs to 14%

(IN BRIEF) The Nordic Investment Bank (NIB) has granted JSC Balticovo a EUR 30 million loan with a ten-year maturity, supported by InvestEU, to expand the egg producer’s sustainable capacity in Latvia. Funds will build aviary and rearing poultry houses and a new egg-sorting line, boosting output by nearly 50%. The project sharply advances Balticovo’s cage-free transition, reducing cage-laid eggs from over 60% to 14%. New barns will enhance animal welfare through better lighting, feed access and purified water, and reduce emissions via advanced climate-control systems. Balticovo employs 360 staff, keeps 3.5 million hens, produces more than 3 million eggs daily and exports 70% of production. NIB—an AAA-rated institution owned by eight Nordic-Baltic countries—finances productivity- and environment-focused projects. InvestEU underpins the loan by leveraging EU resources to drive sustainable growth.

(PRESS RELEASE) HELSINKI, 23-Jul-2025 — /EuropaWire/ — NIB and Latvian egg producer JSC Balticovo have inked a EUR 30 million, ten-year loan agreement to turbocharge the company’s sustainable growth plans, backed by the EU’s InvestEU programme. The financing will fund the construction of new aviary and rearing poultry houses alongside a state-of-the-art egg-sorting line—investments that are expected to lift Balticovo’s production capacity by almost 50%.

“Our long-term financing is essential for a mid-cap company to diversify funding sources and secure continuous growth,” says Kaspars Piladzis, Senior Banker and Country Lead for Latvia at NIB. “The investments will not only improve Balticovo’s the competitiveness in the market but also accelerate their strategic shift to more sustainable operations.”

Today, more than 60% of Balticovo’s eggs are laid in cages. Once the new barns are operational and follow-on upgrades are complete, that figure will drop dramatically to just 14%. The facilities will feature advanced lighting, continuous feed access and purified water to enhance hen welfare. An efficient environmental management system will stabilise temperatures throughout the year while cutting ammonia, dust and CO₂ emissions.

JSC Balticovo employs 360 people and manages over 3.5 million hens across five Latvian sites, producing upwards of 3 million eggs every day. Export is central to its business model, with 70% of output shipped abroad.

NIB—owned by Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden—is the Nordic-Baltic region’s international financial institution. Headquartered in Helsinki with a regional hub in Riga, the Bank finances projects that raise productivity and benefit the environment. It holds the highest possible credit ratings (AAA/Aaa) from S&P Global Ratings and Moody’s.

InvestEU is the European Union’s flagship programme for mobilising long-term financing, leveraging public and private capital to fuel a sustainable recovery and growth across the bloc.

Media Contacts:

Kaspars Piladzis, Senior Banker, Country Lead for Latvia, at +358 10 618 0391, kaspars.piladzis@nib.int 

Vytautas Brazaitis, Senior Communications Officer, at +358 10 618 0235, vytautas.brazaitis@nib.int

SOURCE: Nordic Investment Bank