Implementation of Latvia’s Recovery Fund Plan to Begin

Valdis Dombrovskis, Executive Vice-President of the European Commission, responsible for the economy and international trade, emphasises: “Latvia’s economic recovery plan will provide substantial investment and reforms needed not only to strengthen the resilience of Latvia’s economy, but also to transition to a digital and climate-friendly economic model. The plan will help ensure Latvia’s competitiveness in European and global markets, which is a means of ensuring the well-being of society in the long term. At the same time, strengthening an inclusive society is essential for Latvia, for example by reducing inequality, improving education and healthcare systems, as well as access to state and municipal services. The available EU funding will provide a significant impetus for Latvia’s development; the focus must now be on the practical implementation of the plan.”

Minister for Environmental Protection and Regional Development Artūrs Toms Plešs: “More than 300 million euros from the Recovery Fund Plan have been allocated to activities overseen by the Ministry of Environmental Protection and Regional Development (VARAM). This will provide considerable support for the reforms already under way, enabling the long-term mitigation of the effects caused by the COVID-19 crisis, supporting structural reforms already under way, such as the administrative-territorial reform, and primarily financing investments in the green and digital transformation of the economy, which are among VARAM’s most important priorities.”

Jānis Vitenbergs, Minister of Economics, acknowledges: “We are currently experiencing a period of significant change and opportunity, when we can implement fundamental changes in the economy within a short time—both in terms of a greener economy, moving towards a sustainable energy system and improving energy efficiency in the buildings sector and business, and in terms of reducing inequality by finally addressing housing accessibility problems in the regions and creating industrial parks that will help attract investment even more purposefully and create new, well-paid jobs for our residents. The digital pathway is an equally important sector—businesses must become even more competitive, and increasing innovation capacity is vital to stimulate economic growth and raise the share of exports.”

Latvia will be able to receive the first tranche of Recovery Fund financing by the end of summer, amounting to 236 million euros as an advance payment. In turn, for the Commission to disburse further funding, Latvia must meet the reform and investment targets set out in the plan.

Ministry of Finance