In the first three rounds of the major investment program of the Ministry of Economics and the development finance institution "Altum," 25 projects received support, which will ensure investments in the national economy exceeding 760 million euros, said Inese Zile, a member of the board of "Altum," today at the opening of the fourth round of the program.
In addition, three more projects are under consideration.
"The government has allocated 166 million euros for financing capital discounts," said Zile, adding that every euro invested by the government yields an effect four times greater.
As part of the implementation of the supported 25 projects, five to six new productions have been opened, while the other enterprises have invested in significant expansion of their capacities.
More than 58% of the enterprises have Latvian capital, while 42% consist of foreign investors who have come to Latvia.
Zile noted that in the projects supported in the first three rounds, there is regional diversification: seven projects are being implemented in Kurzeme, three major projects in Latgale, and in the other regions, there are five to six projects.
Under the program, applications can be submitted for projects that have not been started previously, with the speed of their implementation largely depending on the ability of the investor and entrepreneur to promptly bring the project to life.
"Currently, three investments have been completed, and soon the first capital discount can be paid out," added Zile.
As reported, today in the fourth round of the major investment program with capital discounts, funding of 67 million euros is available.
It is expected that the capital discount for enterprises will range from 5% to 30% of the investments, with a maximum of up to 10 million euros per project.
In the new phase of the program, the circle of support recipients has been expanded. In addition to exporting manufacturing enterprises, companies from the defense, agricultural, and dual-use sectors have been included.
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