How Latvia ranks within EU countries
Total investment
March 2022
- Total financing under the European Fund for Strategic Investments (EFSI) in Latvia amounted to €258 million and was set to trigger €1.4 billion in additional investments
Infrastructure and innovation projects
- 11 approved projects financed by the European Investment Bank (EIB) with EFSI backing
- approximately €220 million in total financing
- set to trigger €926 million in total investment
Small and medium enterprises (SMEs)
- 9 approved agreements with intermediary banks or funds financed by European Investment Fund (EIF) with EFSI backing
- €37 million in total financing
- set to trigger approximately €511 million in investments with some 22,198 SMEs and mid-cap companies expected to benefit from improved access to finance
Examples of projects supported by the Investment Plan in Latvia
Research and study centre: UNIVERSITY OF LATVIA
The EIB is lending the University of Latvia €30 million backed by the Juncker Plan to build state of-the-art research and study facilities. The loan will help finance the construction and furnishing of two buildings in the new Tornakalns campus. This will bring together a large portion of the university’s activity in one area, making it more convenient not only for the administration, but also for the teachers and students.
Finance for very small businesses: ALTUM
Thanks to a guarantee agreement with the European Investment Fund, Latvia’s state-owned development institution ALTUM is providing €15 million in loans to 600 microbusinesses in Latvia between 2018 - 2021. The EIF agreement was signed under the EU Programme for Employment and Social Innovation and is backed by the Juncker Plan. Micro-entrepreneurs will be able to benefit from loans at a reduced interest rate with lower collateral requirements. ALTUM will primarily target start-ups and small businesses, including young people with little business experience.
Supporting innovation: HANSAMATRIX
Latvian tech start-up HansaMatrix has received €10 million in financing to expand its production capacity and boost its research and development activities. HansaMatrix develops electronic systems and services that are used in a wide range of areas such as imaging, medical equipment and manufacturing. HansaMatrix was the first private company in Latvia to receive direct financing from the EIB under the Juncker Plan.