Large Investment Projects


The first round of project applications for the new programme to support large and medium-sized enterprises has closed, which offers a loan with a capital discount of up to EUR 10 million. The EUR 99.565 million funding available under the programme will support 14 projects with a total planned amount of investment reaching EUR 586 million. The projects approved by the Investment and Development Agency of Latvia (LIAA) will provide 903 new jobs with salaries 1.5 times higher than the regional average, as well as investments in R&D of more than EUR 17 million and exports of more than EUR 328 million per year.

The state-owned Development Finance Institution Altum is currently working on the conditions for lending to these projects and on the conclusion of contracts. It is noteworthy that project applications have been received from all regions of Latvia: 5 projects from Riga and the Pieriga region, 3 projects each from the Vidzeme and Zemgale regions, 2 projects from the Latgale region and 1 project from the Kurzeme region.

5 out of 14 approved large-scale projects have been prepared and will be implemented with the involvement of the team of SIA Global Consulting!

The large investment projects approved come from sectors such as the manufacture of veneer sheets and wood panels, the manufacture of basic pharmaceuticals, the manufacture of batteries and accumulators, printing, the manufacture of electrical household appliances, the manufacture of plastic packing goods, the manufacture of glass fibres, the manufacture of concrete products for construction purposes, sawmilling and planing of wood, the manufacture of products of wood, and the installation of industrial machinery and equipment.

Entrepreneurs have expressed great interest in the new support programme and a total of 45 large investment projects have been submitted. The projects submitted are aligned with RIS3, i.e., high value-added smart specialisation projects, and are expected to create new, well-paid jobs, while also investing in R&D and green technologies and are export-oriented. Companies with a projected investment of more than EUR 10 million were eligible to apply.

The support is offered in the form of a loan/capital discount for repayment of the principal up to 30% of the eligible costs of the project up to a maximum of EUR 10 million, provided that the project objectives are achieved and the following criteria are met: for every EUR 250,000 of capital discount, there is one job created (but not less than 12 jobs created); A wage shall be 1.3 times the regional average (in Riga, the average salary is 1.3 times the national average), which shall be maintained for at least five years. Exports shall reach EUR 3 million in the first full year of effective operation. Expenditure on R&D shall be EUR 250,000 over three years. At least 20% of the investments shall be directed towards investments in the use of green technologies in the production of goods and services and in the production of other goods and services aimed at mitigating climate change. The support programme is jointly implemented by LIAA and ALTUM.