Who we are
JSC Development Finance Institution ALTUM is a Latvia state-owned company that ensures access of the enterprises and households to the financial resources by means of support financial instruments – loans, guarantees, investments in venture capital funds – in the areas defined as important and to be supported by the state, thus developing the national economy and enhancing mobilization of the private capital and financial resources. The funding for implementation of state support programmes comprises both EU funds and national public funding as well as funding raised by ALTUM with international institutions and capital markets.
State aid programmes administered by ALTUM, are implemented with public resources –European Union and other international institutions, national and ALTUM’s attracted financing.
The holders of ALTUM shares are ministries of the Republic of Latvia as with following split of the shares – the Ministry of Finance 40%, the Ministry of Economics 30% and the Ministry of Agriculture 30% respectively.
Moody’s Investors Service assigned long-term credit rating to ALTUM of Baa1 has remained the same since 2017 and is one of the highest credit ratings assigned to a corporate entity in Latvia.
Mission
We help Latvia grow!
Vision
To be a partner and financial expert
in economical development.
What we do?
- Support for business start-ups and encouraging self-employment
- Support to stimulate entrepreneurship – business development and improvement of competitiveness, implementation of technologies and innovation
- Support for rural enterprises and regional development
- Facilitating export
- Development of venture capital industry
- Support for the start-up ecosystem
- Improving energy efficiency
- Administering the Land Fund’s operations
- Support for purchasing housing for families with children
Our values
Team
We work professionally in a unified team together with our customers and partners, thereby creating and implementing effective state aid programmes that are relevant to our client's needs.
Excellence
Making use of our experience and creative perspective, we strive for excellence in everything we do. We constantly develop ourselves. We take on the complicated, yet finish with simplicity. We look at things and challenges creatively.
Responsibility
We strive to reach our goals, pursue everyday work with efficiency, fairness and respect.
Strategic development
Strategic development directions and long-term objectives according with ALTUM Strategy for the period 2022 – 2024:
The main financial objective in implementing the state support programmes is to ensure positive return on Altum’s capital.
The main non-financial objective is to support and facilitate availability of finances to businesses and to contribute to national economic development.
Altum priority areas include
- issuing and servicing guarantees and loans,
- venture capital investments,
- solutions for climate change mitigation including implementation of energy efficiency programmes in both the residential building and corporate segment,
- initiation of new projects by expanding the range of the financial instruments offered,
- developing the Latvian Land Fund.
The main target activities embrace support for entrepreneurs, farmers and certain categories of persons; energy efficiency; the management of the Latvian Land Fund.
Altum will particularly focus on environmental, social and corporate governance (ESG) considerations, both in financing decisions and in Altum's internal processes.
Governance
The Company’s operations are regulated by its specific law the Development Finance Institution Law.
The Company’s governance is based on best practise of corporate governance and set in accordance with Law On Governance of Capital Shares of a Public Person and Capital Companies, the Commercial Law, the Cabinet Regulations regarding ALTUM Advisory Council, Corporate Governance Code and other binding regulatory acts.