Estonia’s largest sawmill, Imavere Saevski, is chasing a €7m loan from the European Bank for Reconstruction and Development (EBRD) to fund further investment and refinance existing loans.

The sawmill wants to buy new, fully computerised sorting equipment which will enable it to produce more sawn timber.

However, the major part of the loan will be used to refinance existing loans which, after refinancing, will total €15.4m.

Imavere had a good year last year, with sales of more than €48.56m, a year-on-year increase of 20%.

Output last year grew by around 27% and around 70% of the total was exported, mostly to North Africa and the Netherlands.

The sawmill expects to produce 330,000m³ of sawn timber in 2002.