EBRD adopts new country strategy for Latvia

By Axel  Reiserer

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The European Bank for Reconstruction and Development (EBRD) has adopted a new country strategy for Latvia for the period 2021-26 with two priorities:

Support Latvia’s green economy transition

The EBRD is well positioned to help accelerate the country’s green economic transition to meet its 2030 energy and climate targets through reduced greenhouse gas emissions and an increased use of renewable energy. Based on the EBRD’s Green Economy Transition approach and building on its strong track record, the Bank will combine investment in renewables with policy engagement. It also offers experience in supporting improved energy and resource efficiency.

Foster Latvia’s knowledge economy

The EBRD offers its capacity to support the competitiveness of private sector companies and invests directly in innovative and high-growth companies through structured debt and equity products. In addition, the Bank is leading the effort to deepen and widen the local and regional capital market through policy engagement and technical cooperation, as well as investing to provide companies with a wider variety of sources of finance.

Latvia has enjoyed rising prosperity for its citizens and convergence towards the European Union (EU) average over the past decade. The economy has been significantly affected by the Covid-19 pandemic since 2020. In light of a strong policy response and considerable EU funding expected under the Recovery and Resilience Facility and the Multiannual Financial Framework, the EBRD country strategy will be reviewed in 2023 and adjusted to reflect the most recent developments.

The EBRD has been working in Latvia since the country regained its independence in the early 1990s. To date, the Bank has invested €804 million through 94 projects in the country.

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