Strategic financial support necessary for economic recovery and development of green course - Latvian president

  • 2020-07-15
  • LETA/TBT Staff

RIGA - A strategic financial support is necessary for economic discovery and development of the green course, said Latvian President Egils Levits during a meeting with Reinis Berzins, the head of Development Financial Institution Altum.

The President's Chancery reported that Levits met with Berzins today. The parties discussed the role of Altum in Latvia's economic development, and the support provided to business representatives in overcoming the Covid-19 crisis. The parties also discussed development of a new fund for investments in the crisis-stricken large companies.

Levits underscored that a stable, strategic and targeted financial support is necessary for economic recovery and development of the green course, therefore Altum plays an important role in Latvia's financial ecosystem.

Berzins told LETA that during the meeting with the president that the officials discussed the overall situation in the financial sector, availability of finances and role of Altum in promoting availability of finances.

He said that this is also reflected in the increase of Altum financial instrument portfolio to EUR 760 million, doubling in the past five years.

The officials discussed all Altum financial instruments for business support, including loans, guarantees, risk capital, support to energy efficiency projects, as well as the new capital fund for support of large companies with the total funding worth EUR 100 million.

Berzins informed that president that since the start of the Covid-19 crisis, Altum has provided total support worth more than EUR 337 million to businesses.

Speaking about international projects, both parties discussed Altum's engagement in the Three Seas Initiative Fund where the Latvian government plans to invest EUR 20 million in infrastructure project development.