EU – Baltic States, Financial Services, Funds, Latvia, Markets and Companies

The minister hopes that two key programs will be put in motion this year – a program supporting expansion into new markets and a grant program for companies' purchases of equipment.

"This program was not even planned originally and, interestingly enough, our politicians did as European bureaucrats told them and tried to convince businessmen that no grants were necessary, and that financial instruments, loans and guarantees, was the best development mode," said Reizniece-Ozola. "However, it is grants that proved to be one of the most efficient ways to use EU funds."

EUR 80 million will be available under the program, and the program must be set in motion as soon as possible, said the minister, stressing that it would be primarily targeted at projects outside Riga to foster regional development.

"Of course, Riga businessmen may complain, but this is my political priority and I will not give it up."

Tenders for heat insulation of apartment buildings in Riga could be announced in the near future, added the minister.

In total, EUR 7.5 billion will be made available to Latvia under the current EU funds seven-year planning period.