To ensure ongoing business development and participation in the tender process for national and international construction projects, SIA RE&RE, one of Latvia's largest construction companies, has signed a 12 million euro guarantee line with SEB.
The 12-month guarantee line continues an ongoing partnership between the two companies with SEB previously providing a 4.2 million euro guarantee line that was increased to 5.2 million euro in July this year.
The guarantee line will give RE&RE tender guarantees, work execution guarantees, prepayment guarantees and warranty period guarantees enabling it to participate in tenders and then implement the projects it secures.
Chairman of the Board of RE&RE Ainārs Pauniņš says: "We are convinced that the foundation of business development is having good cooperation partners, including SEB. This guarantee agreement reconfirms that RE&RE, as a construction company and a business partner, is still reliable, secure and stable and our services comply with guaranteed quality standards. We are satisfied that despite the situation in our sector SEB has managed to evaluate the long-term development of the company and see our further development potential.”
Head of SEB in Latvia Ainārs Ozols says: “A precondition of successful cooperation is understanding of a company’s needs during the various stages of economic development. Although the construction sector in Latvia was the hardest hit last year a number of companies continue to prove that through reasonable development during the growth years they can have confidence in the future. SEB's support of RE&RE, through this guarantee, will enable the company to participate in both national and international tenders.”