Defense industry receives 7 million euros funding from Luminor to advance projects
In a significant move to bolster Latvia's national defense, Luminor Bank has granted €7 million to SIA Belss, the country's largest defense systems integrator. This funding will provide SIA Belss with financial flexibility to work on the development of unmanned platforms, defense infrastructure projects, and the implementation of other strategic projects related to national defense.
SIA Belss, an engineering company specialising in system integration projects of various complexity in the defense industry, has a long history in the sector and has been involved in a number of major projects of national and international importance. Their areas of expertise include radio communications, the development of unmanned aerial platforms, and mobile infrastructure.
The funding will be used as a credit facility to support the development of SIA Belss' projects in the defense sector. According to Kaspars Ziediņš, Member of the Board of SIA Belss, this additional funding provides additional flexibility and security to implement important projects that strengthen the defense capabilities of Latvia and its allies.
Ilze Zoltnere, Head of Luminor's Corporate Department in Latvia, states that the funding allows for business activities that strengthen national defense and infrastructure. Luminor, the leading independent bank in the Baltic states and the third largest provider of financial services in the region, provides financial services to individuals, families, and enterprises, tailored to the dynamic and forward-looking markets of Estonia, Latvia, and Lithuania.
SIA Belss' strength lies in its ability to provide sophisticated, integrated solutions to the defense sector while maintaining high quality and reliability. The company has grown to become the largest defense integrator in Latvia and has successfully participated in several international and Drone Coalition procurements.
The funding from Luminor Bank is expected to contribute to both security strengthening and economic development in Latvia. The projects undertaken by SIA Belss are expected to create long-term benefits for both the state and society of Latvia.
In summary, the collaboration between Luminor Bank and SIA Belss marks a significant step towards enhancing Latvia's defense capabilities. The funding will enable SIA Belss to continue its work in the defense sector, providing integrated solutions that are crucial for the country's security.
