On 13 August 2014, JSC Olainfarm entered into an agreement No. L-APV-14-0160 with the Investment and Development Agency of Latvia on the implementation of the project No. APV/2.1.2.4.0/14/04/072 “High added value investments to significantly improve chemical and technological processes at JSC Olainfarm”. (High added value investments (stage 4))

Within the project, equipment delivered in order to significantly improve chemical and technological processes at JSC Olainfarm. These investments will promote the introduction of high added value pharmaceutical products in the upcoming years and overall development of the industry.

The total project costs are 3,672,298.73 EUR, of which 1,118,472.18 EUR is support funding.

Project implemented by 15 November 2015.

Project chronology:

• On 4 April 2014, JSC Olainfarm published an announcement on the Procurement Monitoring Bureau website about the procurement procedure with the procurement object being delivery, installation, commissioning of equipment necessary in order to significantly improve chemical and technological processes and employee training. Information about the procurement can be found here: https://pvs.iub.gov.lv/show/355612
• On 7 May 2014, JSC Olainfarm received a positive pre-contract inspection result from the Investment and Development Agency of Latvia.
• In May and June 2014, the procurement procedure was finalised and winners announced, and a positive evaluation about it has been received on 8 August 2014 from the Investment and Development Agency of Latvia. Information about the procurement can be found here: www.iub.gov.lv.
• In August 2014, agreements on the delivery of all equipment were concluded, and payments were made for equipment pursuant to the concluded agreements.
• On 27 October 2014, JSC Olainfarm received a positive evaluation for the agreements on equipment delivery concluded within the project No. APV/2.1.2.4.0/14/04/072.
• In December 2014, the Investment and Development Agency of Latvia supported amendments to the agreement No. L-APV-14-0160 proposed by JSC Olainfarm, whereafter the advance payment in the amount of 1,001,967 EUR or 89.58 % from the support financing was received; of this amount, 1,001,967 EUR is ERDF financing.
• On 4 February 2015, a decision was received from the Investment and Development Agency of Latvia stating that in the 1st interim payment request, eligible costs in the amount of 754,490.60 EUR have been confirmed, of which 213,419.97 EUR is ERDF financing. Thereby, a part of the advance of JSC Olainfarm paid on 8 December 2014 was cleared.
• On 10 April 2015, the Investment and Development Agency of Latvia performed an on-site project implementation inspection (JSC Olainfarm).
• On 13 April 2015, JSC Olainfarm received the inspection evaluation: the result is positive, no shifts from the project implementation conditions were detected.
• As of the end of April 2015, more than 95% of equipment planned within the project had been delivered; delivery of equipment is continuing. Equipment testing and installation/set-up works are under way.
• On 29 July 2015, a decision was received from the Investment and Development Agency of Latvia that eligible costs are approved in the 2nd Interim Payment Request in the amount of 1,880,221.06 EUR, of which 625,707.21 EUR is ERDF funding. Therefore, a part of the advance paid on 8 December 2014 by JSC Olainfarm was cleared.
• In October 2015, installation and assemblage works of all equipment have concluded and the facilities have been commissioned.
• On 13 November 2015, a final report was submitted to the IDAL.
• On 16 February 2016 decision of financing was received by the Latvian Investment and Development Agency.
• The total public funding received 1 110 807.97 EUR (ERDF).