(AGENPARL) – Mon 07 April 2025 PRESS RELEASE2025-175-EN
Riga, 7 April 2025
EIB Group opens office in Latvia to support strategic investments
EIB Group inaugurates an office in Latvia to accelerate strategic investments and sustainable growth in country.
New presence in capital Riga to deepen cooperation with EIB Group partners in public and private sectors.
Move reflects reinforced commitment to Baltic region.The European Investment Bank (EIB) Group opened an office in Latvia today to propel strategic investments and sustainable growth in the country. This office, located in the capital Riga, will focus on priority projects in areas including climate action, digitalisation, housing, security and defence.
The EIB Group, which also includes the European Investment Fund (EIF), will use its presence in Riga to deepen cooperation with Latvian partners in the public and private sectors including small and medium-sized enterprises (SMEs).
“The establishment of our office in Riga marks a milestone in our efforts to enhance financial accessibility and strengthen local financial markets,” said EIB Vice-President Thomas Östros. “It will serve as a focal point, where we can listen, engage, and support domestic needs more actively. Our goal is to drive innovation, sustainable development, and economic growth across various sectors in Latvia and the broader Baltic region.”
“The opening of the EIB Group’s office in Riga highlights Latvia’s strategic importance and our commitment to sustainable development and economic growth,” said Latvian Finance Minister Arvils Ašeradens. “The EIB’s presence will enhance access to financing for public and private sector initiatives, strengthening the local financial market. We have already established successful cooperation with the EIB for affordable housing and are discussing further projects, including in the defence industry.”The EIB Group has invested over €4 billion in Latvia since the start of operations in the country in 1994 – with more than €3.5 billion from the EIB and over €560 million from the EIF. Last year, EIB Group financing in Latvia totalled €82 million. Recent EIB operations in the country include a €200 million loan for energy utility Latvenergo to refurbish the power-distribution network and a €25 million credit for the University of Latvia to build a state-of-the-art campus in Riga. For its part, the EIF has made recent financial commitments to a Latvian investment fund Merito Partners and to a fund managed by Latvia-based SG Capital.
Today, the bank is lending €70 million to municipal utility Rīgas ūdens to improve and expand Riga’s water-supply network. This project aims to reduce drinking-water seepages and bolster environmental protection. 
Future EIB Group priorities in Latvia include supporting renewable energy projects such as solar, wind, and energy storage; improving infrastructure; and fostering business innovation and startups. The EIB Group has recently approved additional measures to support security and defence in Europe. This will allow to finance projects dedicated to military uses, such as barracks, storage facilities, drones, helicopters, radars, satellites, advanced avionics, propulsion, and optics, while maintaining strong financing capacity.
The bank has a pipeline of 14 defence projects expected for approval across Europe, including drones, space, cybersecurity, and quantum technologies, as well as facilities enhancing Europe’s defence capabilities.
“I warmly welcome the EIB’s decision to open an office and establish a permanent presence in Riga,” said European Commissioner for Economy and Productivity Valdis Dombrovskis. “This move demonstrates the EIB’s strong commitment to supporting economic development in Latvia, and the broader Baltic-region, during these uncertain times. It will allow the EIB to better respond to the evolving needs of the Latvian economy, particularly in key areas such as renewable energy, infrastructure development, capital markets, and security and defence. EIB’s local presence will also enable it to offer more effective, timely support, and tailored solutions to local businesses and the national authorities, making an important contribution to Latvia’s development.”
The new office, located in Novira Plaza, will be headed by Paulina Brzezicka, an experienced banker who had worked at EIB Group’s Luxembourg headquarters since 2013. “I am honoured to lead the EIB Group’s new office in Riga, reflecting the Bank’s commitment to the country. We have a strong pipeline of operations in Latvia and I look forward to collaborating with our local partners to support Latvia’s sustainable growth.”
The EIB Group’s Office in Riga reflects a reinforced commitment to the Baltics as a whole, where to date the organisation has had a hub in the Lithuanian capital Vilnius covering all three Baltic States. Tomorrow the EIB Group will open an office in the Estonian capital Tallinn.
Background information
EIB  
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, the EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world. 
The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.   
All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in the organisation’s Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate-change mitigation, adaptation and a healthier environment.   
Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the EU is directed towards cohesion regions, where per-capita income is lower than the EU average. 
High-quality, up-to-date photos of the EIB Group’s headquarters for media use are available here.
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