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Latvia submits projects worth EU 400 mln under Juncker's investment plan 06.03.2016

Latvia has submitted to the European Investment Bank (EIB) projects worth EUR 400.3 million in total under the investment plan proposed by European Commission President Jean-Claude Juncker, BNS was told at the Latvian Finance Ministry.

The ministry's representatives indicated that Latvia's finance development institution Altum, which is Latvia's national contact point for cooperation with the European Investment Consulting Center, is currently working on several projects to which it intends to attract money from the European Fund for Strategic Investments (EFSI), which has been created at Juncker's initiative. Initially, a provisional list of 56 projects worth EUR 2.11 billion was drawn up for possible funding from the EFSI.

The list of large projects submitted to the EIB is now worth EUR 400.3 million, with the prospective funding for each project reaching EUR 25 million.

The ministry's representatives noted that Latvia is close to signing agreements on several of these projects and that active work with the EIB is ongoing to ensure the applications' compliance with EFSI requirements and to provide the necessary additional information. The project of a by-pass road in the central Latvian municipality of Kekava is closest to securing the financing.

Only six countries, including Latvia, still have not signed any agreements on use of the financing from the Investment Plan for Europe (IPE) devised by European Commission President Jean-Claude Juncker,

Inna Steinbuka, the head of the European Commission's Representation in Latvia, told BNS earlier that Lithuania, Latvia, Romania, Greece, Malta and Cyprus have not signed any agreements so far.

At the end of November 2014, Juncker unveiled a EUR 315 billion investment plan intended to promote the EU's economic growth. The investment plan foresees a smart mobilization of public and private sources of finance where public money is used to generate additional private investment without creating new debt.

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