International financing institutions
- Altum
- Useful information
- Cooperation partners
- International financing institutions
ALTUM coperation with international financing institutions
For implementation of ALTUM support programmes, Mortgage bank cooperates with international financial institutions in attraction of additional financial means.
European Investment Fund (EIF) is a financial institution of the European Union, the purpose of operation of which is to support European small and medium enterprises by enhancing their competitiveness, innovation and technology development. EIF owners are European Investment bank (EIB) - 62%; European Commission- 30%, as well as approximately 20 EU countries and private financial institutions. EIF participates in co-financing of risk capital instruments, as well as provides guarantees to financial institutions to cover SME lending risk. The cooperation between the EIF and Mortgage bank has been lasting for several years now. Under the EU Multiannual Business and SME programme (MAP) framework, the EIF issues SME loan guarantees to the Mortgage bank within 45 mln EUR large portfolio. According to the conditions of the cooperation, in case of losses with elevated risk SME loans, the EIF compensates the losses up to 50%. Co-operation with EIF continues also in frame of The Competitiveness and Innovation Framework Programme (CIP) - until August 2012 guarantees are availabe within 8.5 mln EUR portfolio.
Nordic Investment bank (NIB) is a multilateral financial institution, founded in 1976 by Denmark, Finland, Iceland, Norway and Sweden. Since 2005, co-owners of the NIB are also the Baltic states – Latvia, Lithuania, Estonia. NIB participates in financing projects of both public sector as well as private sector enterprises and organizations, providing loans and guarantees on competitive market conditions. NIB finances large-scale infrastructure projects, research and development projects, energy development projects etc. in its member countries, as well as outside their boundaries. Mortgage bank has a fruitful co-operation with NIB for several years. In April 2009 the latest agreement has been signed according which the bank receives a loan for 10 years in amount of 100 mln EUR for SME financing.
Swiss - Latvian cooperation programme
Memorandum of Understanding between Swiss Federal Council and European Community about Swiss financial contribution diverted to the new countries of European Union in order to reduce economic and social disparities was signed in 2006. Therewith for Latvia as for one of new EU member state financial assistance is planned in the amount of 59.9 mln. CHF (26.1 mln. LVL). Swiss - Latvian cooperation programme is financial assistance mechanism used additionally to financial assistance of EU Structural funds and Cohesion fund as well as European Economic Area and Norwegian Financial Mechanism. In June 2011 the Ministry of Finance of the Republic of Latvia and the Swiss Embassy signed agreement according which Hipotēku banka implements Micro-lending programme for an amount of 4.4 mln. LVL in July, 2011 - July, 2015.
