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The apartment building renovation projects are co-financed by Development Finance Institution Altum that covers 50% of the projects' eligible costs. All seven apartment building insulation projects will be implemented during this year, said Panke.

The bank is also cooperating with Liepajas Namu Apsaimniekotajs on several more building renovation projects.

During the previous European Union funding period, 21 buildings managed by Liepajas Namu Apsaimniekotajs were renovated, said Liepajas Namu Apsaimniekotajs board member Artis Rimma, adding that his company was looking forward to successful cooperation with SEB Banka in the future.

SEB Banka board member Arnis Skapars said that Liepaja was undeniably the leading city in Latvia in terms of building insulation, and several dozens of building insulation projects will be implemented in the city in the next few years.

According to Ingus Salmins, head of Altum's Energy Efficiency Programs Department, renovation of apartment buildings is gaining momentum across Latvia, and Altum has received over 300 building renovation applications from all over Latvia. Utility bills for tenants in renovated buildings decrease by up to 50%, added Salmins.

Altum covers up to 50% of apartment building renovation projects' cost. Altum will make available EUR 166 million for improving apartment buildings' insulation by 2023, which will be enough to renovate approximately 1,700 buildings.