Finance minister calls for more regional cash support

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Latvia’s Finance Minister Jānis Reirs, chairing the meeting of Economics and Finance ministers (ECOFIN) meeting in Tbilisi, Georgia Friday, called on the European Bank for Reconstruction and Development (EBRD) to invest more in the Baltic and central European states.

In light of the current geopolitical situation, Reirs said “that cooperation until now with the EBRD has given crucial support to the recipient states, including Latvia, in developing cooperation and sharing of experience with less developed EBRD region states. I would urge Latvian entrepreneurs to take more active interest in the EBRD opportunities,” he said.  

“There is clear scope for improving implementation of the recommendations”, he added as chairman of the meeting while Latvia is in the presidency of the Council. “Today’s debate among ministers raised awareness of the need to tackle without delay the individual policy challenges confronting each member state,” he said.

The EBRD portfolio in Latvia was EUR 182 million in the financial and energy sectors at the end of this past March. The most recent projects implemented in Latvia, including regional projects, included EUR 10 million investment by the EBRD into "BPM Mezzanine Fund". On April 8, the EBRd board approved an investment of EUR 17 million in "Livonia Partners Fund I" capital for investment in small and medium-sized companies in the Baltic countries.

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