Mortgage and Land Bank Global Loan

Promoter – Financial Intermediary

VAS Latvijas Hipoteku un zemes banka (Mortgage and Land Bank of Latvia)

Location

• Latvia

Description

Financing of small- and medium-scale projects in the field of environmental protection, energy savings, infrastructure, industry, services or tourism.

Objectives

The global loan would contribute to the development of term finance in Latvia. Through the financial intermediary, the global loan would provide long-term funding for eligible projects promoted notably by SMEs or local municipalities.

Sector(s)

• Credit lines

Proposed EIB finance (Approximate amount)

Up to EUR 35 million

Total cost (Approximate amount)

Minimum EUR 70 million

Environmental aspects

The financial intermediary will be requested to ensure compliance of the sub-projects with relevant national and EU Directives, as appropriate.

Procurement

The financial intermediary will be requested to ensure compliance of the sub-projects with EU Directives, in particular for the award of public sector contracts, as appropriate.

Status

Signed - 6/10/2003