Latvia gets 336 million euro payment from European Union

Latvia will receive a 336 million euro payment from the European Union (EU) on Monday, May 27, as a result of an application it made on December 22, 2023, within the framework of the EU Recovery Fund. The payment comes as a result of various reforms and approved programs that have been launched and completed.

Valdis Dombrovskis, Executive Vice President of the EC and a former Latvian Prime Minister said: 

"I congratulate Latvia on receiving the second Recovery Fund payment of 336 million euros and I thank everyone who worked on the implementation of these investments and reforms. What has been achieved is a significant contribution to the modernization of the Latvian state administration and economy, energy efficiency, the development of the regions of our country, as well as the improvement of education, health and social protection of the population."

"For example, programs for increasing energy efficiency have been approved for both residential buildings and companies; rebuilt and renovated 70 km of national and regional roads; the construction of almost 700 energy-efficient low-rent apartments is planned, and 10 Latvian hospitals will receive additional equipment and investments to ensure citizens better access to health services. Latvia's customs capacity has also been strengthened and a plan to curb the shadow economy has been approved. These are specific cases where EU funding helps the development of Latvia. In parallel with the financing of the Recovery Fund plan, Latvia must speed up the implementation of EU cohesion and structural funds, especially taking into account the fact that the Russian war in Ukraine has adversely affected the Latvian economy," said Dombrovskis.

Latvian Finance Minister Arvils Ašeradens (New Unity) said more money was also expected from Brussels in coming months. 

"We plan that this year the fund's project implementers will receive 660 million euros and next year already 820 million euros. It is important that these investments provide not only short-term, but also long-term returns... There is still joint work ahead with the European Commission for greater flexibility in the implementation of plans, which is essential for the investments of the Recovery Fund," said Ašeradens.

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