EIB Group opens office in Latvia

RIGA - The European Investment Bank (EIB) Group has opened an office in Latvia to stimulate investment and the country's sustainable growth, LETA was told at the bank.

The new EIB office will have a special focus on prioritized projects in fields like climate action, digitalization, housing, security and defense.

The EIB Group, which also includes the European Investment Fund (EIF) will use its presence in Latvia to deepen cooperation with partners in the public and private sectors, including small and mediaum-sized enterprises (SMEs), according to EIB representatives.

EIB Vice Chairman Thomas Ostros said at the opening event on Monday that the opening of the Riga office is a turning point in efforts to improve access to finance and strengthen local financial markets.

"The office will give us the opportunity to listen, engage and support local needs more actively. Our aim is to drive innovation, sustainable development and economic growth in different sectors in Latvia and the Baltic region," said Ostros.

Latvian Finance Minister Arvils Aseradens (New Unity) noted that the opening of the EIB Group's office in Riga demonstrates Latvia's strategic importance and commitment to sustainable development and economic growth.

The minister said that the EIB's presence will improve access to finance for both public and private sector initiatives, thus strengthening the local financial market. "We are already working successfully with the EIB to build affordable housing and are discussing new projects, including in the field of defense," said Aseradens.

Valdis Dombrovskis, the European Union (EU) Commissioner for Economy and Productivity, welcomed the EIB's decision to open its office in Riga thereby ensuring permanent presence in Latvia. The EU commissioner said that this step demonstrates the EIB's commitment to promoting economic development in Latvia and the Baltic region in these challenging times.

"This will enable the EIB to better develop projects in Latvia in key areas such as renewable energy, infrastructure improvement, capital market development and the boosting of security. The EIB's on-the-ground presence in Latvia will also help the EIB to offer faster, more efficient support, as well as better tailored solutions for local companies and public authorities, making a significant contribution to Latvia's growth," Dombrovskis said.

The new office, located in the Novira Plaza business center, will be managed by Paulina Brzezicka.

The EIB Group's future priorities in Latvia include supporting renewable energy projects such as solar, wind and energy storage projects, improving infrastructure, and promoting business innovation and start-ups.

The EIB Group has also approved additional measures to support security and defense in Europe. These measures will enable the financing of military-related projects such as barracks, storage facilities, drones, helicopters, radar, satellites, advanced aviation, propulsion and optics. The bank intends to approve 14 projects across Europe, including those related to drones, space, cyber-security and quantum technologies, as well as facilities that will improve Europe's defense capabilities.

Since launching operations in Latvia in 1994, the EIB Group has invested over EUR 4 billion, including over EUR 3.5 billion invested by the EIB and over EUR 560 million from the EIF. In 2024, the EIB Group provided EUR 82 million in financing for Latvia.

Recent EIB projects in Latvia include, for example, a EUR 200 million loan to Latvenergo energy group for the renewal of its electricity distribution network and a EUR 25 million loan to the University of Latvia for the development of the Academic Centre in Tornakalns. The EIF has recently signed financing agreements with the Latvian investment fund Merito Partners and a fund managed by Latvian-based company SG Capital.

The EIB is a long-term lending institution of the European Union.