Latvia and Industrial and Commercial Bank of China sign the memorandum of intentions on co-operation in establishment of the investment projects’ fund

Today, on the 4^th of November, within the framework of 16+1 summit, the Development Finance Institution ALTUM and Industrial and Commercial Bank of China, ICBC, signed the memorandum of understanding on co-operation in establishment of the fund for financing of the investment projects in Central and Eastern Europe.

The government has appointed ALTUM to represent Latvia in establishment of the investment projects’ fund. The memorandum of understanding was signed by Reinis Bērziņš – ALTUM Chairman of the Board and Chen Aiping – CEO of ICBC fund management company Sino-CEEF.

Reinis Bērziņš, ALTUM Chairman of the Board:

“The memorandum of understanding brings Latvia one step closer to joining the financial co-operation mechanism between China and Central and Eastern European countries. By having signed this memorandum of intentions Latvia is on its way to joining a new funding platform aimed at increasing the investments in the region. Poland and Czech Republic have already confirmed their readiness to participate in establishment of the fund. ALTUM, relying on its experience and expertise in channelling of the investment projects, is ready to work at development of the co-operation model best suited to the interests of Latvia.”