RIGA, Jan 15 (LETA) - Public transportation company Rezeknes Autobusu Parks has taken out a loan of EUR 4.2 million from Swedbank to expand its bus fleet with 37 new vehicles, representatives of the bank informed LETA.

The new buses will operate on regional routes between Rezekne and Ludza in line with Rezeknes Autobusu Parks' contract with Road Transport Administration until 2034. The project is co-financed by the European Union's Recovery and Resilience Facility.

The loan will help the company to significantly improve quality of passenger transport and provide more environmentally friendly, energy-efficient transportation solutions, said Rezeknes Autobusu Parks board member Svetlana Smule.

According to preliminary data, last year Rezeknes Autobusu Parks turnover amounted to EUR 2.38 million and profit to EUR 13,800.

In 2023, the company posted EUR 487,952 in turnover and EUR 41.177 in profit.

Rezeknes Autobusu Parks was established in 1949, it was registered with the Register of Enterprises in 1991. The company's share capital is EUR 315,309. Its major shareholders are Vasilijs Smus (56.71 percent), Aija Sereka (32.95 percent) and Svetlana Smule (2.26 percent).

Swedbank is the largest bank in Latvia by assets.