EIB lends EUR 20 million for environment investment in Latvia
The European Investment Bank, the European Union's long-term financing institution, is lending EUR 20 million to the Republic of Latvia for municipal and environmental infrastructure projects.
The finance will support mainly environmental priority investments by small- and medium-sized Latvian municipalities. Particular focus is being given to projects in the sectors of water, wastewater, solid waste and urban infrastructure and equipment with a significant positive impact on the environment.
The rehabilitation and upgrading of municipal infrastructure, particularly in the environmental area, will contribute to Latvia’s sustainable economic growth, helping to protect public health and amenities, as well as having a beneficial impact on fisheries, agriculture, recreation and tourism.
The schemes will contribute to bringing Latvian environmental standards in line with those of the European Union as foreseen under the Accession Partnership Agreement signed between Latvia and the EU. Overall, the investment will have a positive impact in the Baltic Sea area in keeping with the HELCOM agreement (Helsinki Commission for the environmental protection of the Baltic Sea).
The loan will bring total EIB financing in Latvia to EUR 115 million since 1994, when the Bank started lending in the country. Projects so far financed in Latvia by the EIB include upgrading and rehabilitation of water and waste-water systems in the Riga area, global loans for financing small and medium sized projects arranged with the Investment Bank of Latvia and the Vereinsbank Riga, the Daugava hydropower plants, modernisation of Ventspils port, and upgrading of the main East-West railway line.