The scheme will require €400,000 in total, the Finance Ministry said on April 26.
It is held as a cooperation between the Finance Ministry and Latvijas Loto, the organizer of nationwide lotteries in Latvia.
"The grant program and the related Centennial Lottery is our chance to invest in the future of Latvia, in our talented and smart young people. Let's use this opportunity!" said Latvia's president Raimonds Vējonis.
The scratchcard lottery will have 1,000,000 tickets, each worth €5. A total €3.2 million will be awarded in prize money. The four largest-winning tickets will carry €100,000 each.
Tickets will be available both in physical form and online.