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Swedbank in the coming five years will be the sponsor of the Song and Dance Celebration movement, continuing the tradition that was started during the Latvian School Youth Song and Dance Celebration.

The majority of the money will be spent on organization of the festival, but some will also be allocated for support to Latvian traditional crafts, Mancinskis said.

Culture Minister Dace Melbarde (National Alliance) said she was glad that the main sponsor of the School Youth Song and Dance Festival has committed to supporting the tradition of Song and Dance Celebration in the long run. "It is important to be with the festival's organizers not only during the celebration, when the big cake is eaten, but also when the work is being done, because without the work process there can be no cake. This is an attitude of a mature sponsor," the minister said.

The minister also noted the importance of educating society about traditions and various aspects of Latvian traditional culture, such as the proper way of wearing traditional outfits. In cultural education, it is essential to ensure support to teachers, conductors and artistic heads of choirs, orchestras and dance groups, as well as all core organizers of the Song and Dance Celebration.

"Without any doubt, teachers need motivation as never before. In the process of the Song and Dance Celebration, it is no less important to provide support also in [Latvia's] regions. If we do not have strong regions with their unique culture, cultivated traditions and motivated cultural workers, we will not have such a diverse process of Song and Dance Celebration," the minister said.

Mancinskis said that the bank is interested in the national economic development and Latvia's growth in the EU, but development of culture and national confidence is equally important.

The culture and education ministers and Swedbank on Monday reported about the Latvian Song and Dance Celebration coinciding with Latvia’s Centennial in 2018. The Song and Dance Celebration will be organized in Riga between June 30 and July 8, 2018, by the Latvian National Culture Center, supported by Swedbank.

The unique nationwide Latvian Song and Dance Celebration has been recognized by the UNESCO, putting the Baltic song and dance festivals on its List of the Intangible Cultural Heritage of Humanity. The celebration is organized once in five years.