3 Aug 2020
EUR 60 million
Industries and services
|Date of agreement:||8 Apr 2020|
|Customer:||Republic of Latvia|
|Amount in EUR:||EUR 500 million|
NIB is providing a loan to the Republic of Latvia to cover the additional financing needs directly related to financing the containment of the spread of Covid-19.
The Covid-19 mitigation loan will cover a part of Latvia’s increased expenditures, primarily:
The loan from NIB will finance the required support measures to the business activities in affected sectors in the forms of loans, capital injections or payment reliefs.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
The purpose of the loan is to support the economy of a NIB member country and to alleviate the socio-economic consequences caused by the COVID-19 pandemic.
The use of funds will not finance projects listed in the Bank’s exclusion list.