{"id":5488,"date":"2022-04-12T15:05:53","date_gmt":"2022-04-12T13:05:53","guid":{"rendered":"https:\/\/www.altum.lv\/history\/"},"modified":"2025-06-04T22:41:03","modified_gmt":"2025-06-04T20:41:03","slug":"history","status":"publish","type":"page","link":"https:\/\/www.altum.lv\/en\/about-altum\/history\/","title":{"rendered":"History"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"5488\" class=\"elementor elementor-5488 elementor-1153\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section altum__default elementor-element elementor-element-a838c96 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"a838c96\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8267b20\" data-id=\"8267b20\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8f9f73d elementor-widget elementor-widget-altum-large-header\" data-id=\"8f9f73d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"altum-large-header.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n            <section class=\"topBanner\" style=\"background-image: url(https:\/\/www.altum.lv\/wp-content\/uploads\/2025\/05\/Vesture.png)\">\n                <div class=\"container\">\n\t\t\t\t\t<div class=\"topBanner__breadcrumbs\"><a href=\"https:\/\/www.altum.lv\" class=\"topBannerBreadcrumb__link\">Altum<\/a><span class=\"topBannerBreadcrumb__indent\">-<\/span><\/div>\n                    <h1 class=\"topBanner__title\">History<\/h1>\n\t\t\t\t\t\n                    \n\t\t\t\t\t\n                <\/div>\n            <\/section>\n        \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section altum__default elementor-element elementor-element-20ef43d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"20ef43d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9ba0e8b\" data-id=\"9ba0e8b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ca19dc0 elementor-widget elementor-widget-text-editor\" data-id=\"ca19dc0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>ALTUM is founded with a purpose to create a single national scale development and finance institution in order to implement various state aid and \u00a0development programmes.<\/p><p>\u00a0<\/p><p>JSC \u201cDevelopment Finance Institution Altum\u201d (hereinafter ALTUM) \u00a0was founded on 27 December 2013 as state\u2013owned joint stock company \u201cDevelopment Finance Institution\u201d, acting upon a directive by the Cabinet of Ministers of the Republic of Latvia.<\/p><p>\u00a0<\/p><p>All ALTUM voting shares belong to the Latvian state \u2013\u00a0shareholders include the Ministry of Finance (40%), the Ministry of Economics (30%), and the Ministry of Agriculture (30%).<\/p><p>\u00a0<\/p><p>The establishment of ALTUM was held in two stages by combining 3 state-owned institutions:<\/p><ul><li>During the first stage three state-owned institution\u2019s JSC \u201cLatvian Development Finance Institution Altum\u201d, LLC \u201cLatvian Gurantee Agency\u201d (hereinafter LGA) and JSC \u201cRural Development Fund\u201d (hereinafter RDF) shares were transferred to JSC \u201cDevelopment Finance Institution\u201d, thereby creating a concern of financial institutions.<\/li><li>During the second stage was a reorganization process \u2013\u00a0JSC \u201cLatvian Development Finance Institution Altum\u201d, LGA, RDF were merged into JSC \u201cDevelopment Finance Institution\u201d and ceased to exist without a liquidation process. This stage was completed on 15 April 2015, thereby creating new unified institution with new\u00a0 name\u00a0 JSC \u201cDevelopment Finance Institution Altum\u201d.<\/li><\/ul><p>\u00a0<\/p><p>The newly created JSC \u201cDevelopment Finance Institution Altum\u201d (ALTUM) took over all of the rights and obligations, including contract obligations with clients and partners of JSC \u201cLatvian Development Finance Institution Altum\u201d, LGA and RDF.<\/p><p>\u00a0<\/p><p>\u00a0<\/p><h3><strong>Consolidated Institutions<\/strong><\/h3><p>\u00a0<\/p><ul><li>JSC \u201cLatvian Development Finance Institution Altum\u201d (until 1 January 2014 \u2013\u00a0JSC \u00a0\u201cMortgage and Land Bank of Latvia\u201d)<\/li><li>LLC \u201cLatvian Gurantee Agency\u201d (LGA)<\/li><li>JSC \u201cRural Development Fund\u201d (LAF)<\/li><\/ul><p>\u00a0<\/p><p>\u00a0<\/p><h3><strong>JSC \u201cLatvian Development Finance Institution Altum\u201d<\/strong><\/h3><p>\u00a0<\/p><p>Founded on 19 March 1993 as state-owned JSC \u00a0\u201cMortgage and Land Bank of Latvia\u201d based on a directive by the Cabinet of Ministers of the Republic of Latvia. During its entire period of operations under assignment by the government, the institution implemented different state aid and development programmes, providing support for specific categories of businesses and residents.<\/p><p>On 1 November 2011 the Cabinet of Ministers of the Republic of Latvia supported JSC \u00a0\u201cMortgage and Land Bank of Latvia\u201d commercial part sale strategy. On the basis of this decision, JSC \u00a0\u201cMortgage and Land Bank of Latvia\u201d commercial services\u00a0 provision was incrementally discontinued of until 30 September 2013.<\/p><p>\u00a0<\/p><p>Starting with 1 January 2014, JSC \u00a0\u201cMortgage and Land Bank of Latvia\u201d continued its operations under the name JSC \u201cLatvian Development Finance Institution Altum\u201d, continuing to provide\u00a0\u00a0national support services for clients and implementation\u00a0 state aid programmes while simultaneously implementing other the government&#8217;s delegated task.<\/p><p>\u00a0<\/p><p>\u00a0<\/p><h3><strong>LLC \u201cLatvian Guarantee Agency\u201d (LGA)<\/strong><\/h3><p>\u00a0<\/p><p class=\"BodyB\">Founded in 1998 with a purpose to ensure support for entrepreneurs in attracting finances in cases where they&#8217;re not adequately provided for. LGA implemented the following state aid programmes: credit guarantees, mezzanine loans, export credit guarantees, risk capital microloans.<\/p><p>\u00a0<\/p><p>\u00a0<\/p><h3><strong>JSC \u201cRural Development Fund\u201d (RDF)<\/strong><\/h3><p>\u00a0<\/p><p>Founded in 1994 and its main area of focus was ensuring state aid to rural entrepreneurs in cases where they are insufficiently provided for in credit.<\/p><p>\u00a0<\/p><p>RDF implemented the following programmes: credit guarantees and credit fund loans, as well as in cooperation with JSC \u201cLatvian Development Finance Institution Altum\u201d provided loans for land purchases to be used for agricultural product production.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Altum&#8211; History ALTUM is founded with a purpose to create a single national scale development and finance institution in order to implement various state aid and \u00a0development programmes. \u00a0 JSC [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":10862,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-5488","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>History - Altum<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.altum.lv\/en\/about-altum\/history\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"History - Altum\" \/>\n<meta property=\"og:description\" content=\"Altum&#8211; History ALTUM is founded with a purpose to create a single national scale development and finance institution in order to implement various state aid and \u00a0development programmes. \u00a0 JSC [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.altum.lv\/en\/about-altum\/history\/\" \/>\n<meta property=\"og:site_name\" content=\"Altum\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AltumLV\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-04T20:41:03+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@altumlv\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.altum.lv\/en\/about-altum\/history\/\",\"url\":\"https:\/\/www.altum.lv\/en\/about-altum\/history\/\",\"name\":\"History - Altum\",\"isPartOf\":{\"@id\":\"https:\/\/www.altum.lv\/en\/#website\"},\"datePublished\":\"2022-04-12T13:05:53+00:00\",\"dateModified\":\"2025-06-04T20:41:03+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.altum.lv\/en\/about-altum\/history\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.altum.lv\/en\/about-altum\/history\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.altum.lv\/en\/about-altum\/history\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"S\u0101kums\",\"item\":\"https:\/\/www.altum.lv\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"About Altum\",\"item\":\"https:\/\/www.altum.lv\/en\/about-altum\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"History\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.altum.lv\/en\/#website\",\"url\":\"https:\/\/www.altum.lv\/en\/\",\"name\":\"Altum\",\"description\":\"Finan\u0161u instit\u016bcija ALTUM\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.altum.lv\/en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"History - Altum","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.altum.lv\/en\/about-altum\/history\/","og_locale":"en_US","og_type":"article","og_title":"History - Altum","og_description":"Altum&#8211; History ALTUM is founded with a purpose to create a single national scale development and finance institution in order to implement various state aid and \u00a0development programmes. \u00a0 JSC [&hellip;]","og_url":"https:\/\/www.altum.lv\/en\/about-altum\/history\/","og_site_name":"Altum","article_publisher":"https:\/\/www.facebook.com\/AltumLV","article_modified_time":"2025-06-04T20:41:03+00:00","twitter_card":"summary_large_image","twitter_site":"@altumlv","twitter_misc":{"Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.altum.lv\/en\/about-altum\/history\/","url":"https:\/\/www.altum.lv\/en\/about-altum\/history\/","name":"History - Altum","isPartOf":{"@id":"https:\/\/www.altum.lv\/en\/#website"},"datePublished":"2022-04-12T13:05:53+00:00","dateModified":"2025-06-04T20:41:03+00:00","breadcrumb":{"@id":"https:\/\/www.altum.lv\/en\/about-altum\/history\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.altum.lv\/en\/about-altum\/history\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.altum.lv\/en\/about-altum\/history\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"S\u0101kums","item":"https:\/\/www.altum.lv\/en\/"},{"@type":"ListItem","position":2,"name":"About Altum","item":"https:\/\/www.altum.lv\/en\/about-altum\/"},{"@type":"ListItem","position":3,"name":"History"}]},{"@type":"WebSite","@id":"https:\/\/www.altum.lv\/en\/#website","url":"https:\/\/www.altum.lv\/en\/","name":"Altum","description":"Finan\u0161u instit\u016bcija ALTUM","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.altum.lv\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.altum.lv\/en\/wp-json\/wp\/v2\/pages\/5488"}],"collection":[{"href":"https:\/\/www.altum.lv\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.altum.lv\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.altum.lv\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.altum.lv\/en\/wp-json\/wp\/v2\/comments?post=5488"}],"version-history":[{"count":7,"href":"https:\/\/www.altum.lv\/en\/wp-json\/wp\/v2\/pages\/5488\/revisions"}],"predecessor-version":[{"id":54503,"href":"https:\/\/www.altum.lv\/en\/wp-json\/wp\/v2\/pages\/5488\/revisions\/54503"}],"up":[{"embeddable":true,"href":"https:\/\/www.altum.lv\/en\/wp-json\/wp\/v2\/pages\/10862"}],"wp:attachment":[{"href":"https:\/\/www.altum.lv\/en\/wp-json\/wp\/v2\/media?parent=5488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}