Economics, EU – Baltic States, Financial Services, Funds, Latvia

In total, EUR 4.5 bln from the European Social Fund, European Regional Development Fund and Cohesion Fund were invested in the national economy of Latvia. Investments from the European Agricultural Guarantee Fund, European Agricultural Fund for Rural Development and European Fisheries Fund amounted to EUR 2.9 bln.

With the help of the EU funds, 991 kilometers of roads and highways were built or reconstructed in Latvia, as well as 52 kilometers of railroads. 382,848 residents were hooked up to water supply lines, 1,291 companies received support at business incubators, 72,876 young people were paid scholarships, and over 0.5 mln residents received support to find new jobs.

The number of active entrepreneurs in 2006-2015 increased from 22 to 48 per 1,000 residents. The EU funds were also used to improve energy efficiency of 741 apartment buildings, development of multifunctional centers in Liepaja, Cesis and Rezekne, and development of general practices.

The Finance Ministry points out that EU funds have been one of the key sources of investment in the national economy to mitigate economic downturn during the crisis and stimulate employment and financial activity in the post-crisis period.

The Finance Ministry will continue to supervise projects that received EU funding in 2007-2013 and are to be completed by March 31, 2019. Some of these projects are the second round of construction of Pauls Stradins Hospital's A wing, moving Riga Port operations to Krievu Island, and liquidation of acid waste ponds at Incukalns also has to be completed during the 2014-2020 planning period.