Financial Services, Latvia, Legislation, Port, Transport

The final report, which will include recommendations on how to improve the situation, will be presented this summer.

In their interim report on Latvian ports, World Bank experts criticize the use of obsolete infrastructure and transit dependence on countries with their own ports. The report also states that, despite an increase in cargo turnover last year, the market share of Latvian ports has reduced from 21 to 37% over the past 12 years.

The report also draws attention to ship servicing issues. The Freeport of Ventspils plans to modernize its infrastructure. The Freeport of Riga, however, is rather slow at dredging and developing modern cargo terminals.

Assessing the boards of Latvian ports, World Bank experts conclude that their members lack experience in the private sector. In addition, there are no terms of office for local government representatives at these boards. There is also insufficient coordination between Latvian ports and railways.

There are no terms of office for the heads of ports and their performance is not assessed each year. The private sector insufficiently participates in the management of ports. Ventspils businessmen, however, participate in board sessions, but it is not the case in Riga.