Covid-19, Crisis, EU – Baltic States, Financial Services, Funds, Latvia, Markets and Companies

The Finance Ministry has proposed the government to redistribute financing for measures to recover economy - projects that can be implemented in the second half of 2020 and 2021.

Of the total of EUR 499 mln, more than half or EUR 283 mln will be used for projects in the transport sector.

In relation to the Transport Ministry's decision to suspend the railway electrification project worth EUR 346.64 mln, the government decided to redistribute the funds earmarked for the project to other projects in the transport sector.

EUR 113.36 mln will be used for railway infrastructure projects, for example, passenger infrastructure, upgrade of railway infrastructure and purchase of diesel trains. At the same time, EUR 36 mln will be earmarked for tram infrastructure projects in Liepaja and Daugavpils, EUR 10 mln for Daugavpils bus infrastructure projects, and EUR 45.29 mln for Riga and Liepaja port projects.

EUR 30 mln will be earmarked for strengthening health care services, EUR 45 mln for support to businesses, EUR 20 mln for support to employment measures, and EUR 15 mln for qualification and requalification of employees.