The Host Country Agreement is part of the NIB’s strategy to grow its presence in the Baltics and increase investments in under-served market segments. While the Bank’s headquarters will remain in Helsinki, the new agreement will enable NIB to recruit and station staff in Latvia.
“We are thankful to the Latvian authorities for their openness and support along the way,” said André Küüsvek, NIB President and CEO, at the signing ceremony. “Establishing and staffing NIB’s new regional hub in Riga will enable the Bank to be better connected to the Baltic markets and to drive cross-border investments across the Nordic-Baltic region.”
The agreement sets provisions and regulations regarding NIB’s staff and their family members, among other things. It still needs to be approved by Latvia's parliament, the Saeima, before it will be incorporated into national legislation in Latvia.
The Host Country Agreement already concluded with Finland, which is available online, contains provisions that restrict officials from entering the bank's premises without permission, guaranteed tax exemptions, free residence permits and visas, and the mechanism for resolving any disputes that might arise. The Latvian agreement is likely to cover similar things.
“The agreement between NIB and Latvia showcases our commitment to hosting international financial institutions. This collaboration establishes a straightforward platform for companies to explore investment opportunities with NIB. Our enhanced cooperation aims to accelerate investments in energy, infrastructure, innovation, security and resilience. Moreover, it opens new career pathways for both our local and international talent,” said Arvils Ašeradens, Minister of Finance.
Latvia joined NIB in 2005 with the other Baltic countries. The Bank has been investing in the country since 1995, providing approximately EUR 1.6 billion in financing to more than 125 projects. Some of NIB’s latest financed projects in Latvia are Rigas Siltums’ and Latnevergo’s investment programs, navigation upgrades at Riga Airport, and the Ķekava bypass road project.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances private and public projects both inside and outside the member countries. Latvia holds 1.3% of the NIB's shares with a value of 111 million euros.
