RIGA, April 7 (LETA) - Riga municipal waterworks utility Rigas Udens will borrow EUR 70 million from the European Investment Bank (EIB) to improve and expand its water supply network, as the company's CEO Krisjanis Krumins said at the opening ceremony of the EIB Group's office in Riga on Monday.

The aim of the project is to reduce drinking water losses and improve environmental protection, said Krumins.

The project aims to reduce leakages in water pipes and the number of the sewerage network damages.

The EIB and Rigas Udens signed the loan agreement on Monday.

According to preliminary data, Riga municipal waterworks utility Rigas Udens turned over EUR 76.336 million last year, which is 0.1 percent less than in 2023, while the company's profit increased 11.4 percent to EUR 8.391 million.

Rigas Udens provides water supply services in Riga and several areas of the Riga region - Adazi, Ropazi, Marupe and Kekava, as well as wastewater collection and treatment services. The company is wholly owned by the Riga municipality.