EIB: euro 150 mln to Latvia
Luxembourg, Luxemburg – The European Investment Bank (EIB) lends EUR 150 million for co-financing of priority projects fostering the development of the Latvian economic and social infrastructure that are co-financed by the EU Structural Funds as well as projects in the fields of the environment and Trans-European networks co-financed by the EU Cohesion Fund.
The loan will be used by the Latvian State for the investments in priority areas identified in the Single Programming Document and the Cohesion Fund Reference Framework for 2004-2006, such as the development of transport, energy and water infrastructures as well as implementation of Community standards in the area of environment and the development of infrastructure of health and education.
For example, the loan will finance projects related to the development of ICT infrastructure for labour market institutions, public internet access points, establishment of waste separation and collection points, drinking water supply and waste water treatment in municipalities as well as upgrading of the Latvian priority road networks and modernisation of the East-West railway Corridor including access roads to Latvian ports.
The presence of the EIB, alongside the European Commission, will foster the EUâ€™s support to Latvia as well as further the Bankâ€™s investment in a large number of projects that in view of their relatively small size might not have direct access to EIB financing. The Bank works closely with the Latvian national authorities and the European Commission in respect of programming and implementation of the Structural and Cohesion Funds supported projects in Latvia in order to maximise the impact of its action.
Mr. Sauli NiinistÃ¶, EIB Vice-President whose responsibilities include Bankâ€™s lending in the Baltic countries, commented: â€œThe loan signed today marks a new phase of cooperation between Latvia and the EU institutions. It provides long-term financing to priority projects focused on the strengthening of the competitiveness of the Latvian economy and enhances the effective utilisation of EU grant funds allocated to Latviaâ€.