ALTUM is a state-owned development finance institution, which offers state aid for various target groups with the help of financial tools (such as loans, credit guarantees, investing in venture capital funds, etc.). ALTUM develops and implements state aid programmes to compensate for the market’s shortcomings that can’t be solved by private financial institutions.

•  Land Fund of Latvia
•  Export Credit Guarantees
•  Support for Enterprises
•  Investment plans for Europe
•  Rural Enterprises

The LGA has been in existence since 1998 and the holder of its shares is the Ministry of Economics of the Republic of Latvia.

JSC “Development Finance Institution Altum” (hereinafter ALTUM) was founded on 27 December 2013 as state-owned joint stock company “Development Finance Institution”, acting upon a directive by the Cabinet of Ministers of the Republic of Latvia.

All ALTUM voting shares belong to the Latvian state – shareholders include the Ministry of Finance (40%), the Ministry of Economics (30%), and the Ministry of Agriculture (30%).

The establishment of ALTUM was held in two stages by combining 3 state-owned institutions:

During the first stage, three state-owned institution’s JSC “Latvian Development Finance Institution Altum”, LLC “Latvian Guarantee Agency” (hereinafter LGA) and JSC “Rural Development Fund” (hereinafter RDF) shares were transferred to JSC “Development Finance Institution”, thereby creating a concern of financial institutions.
During the second stage was a reorganization process – JSC “Latvian Development Finance Institution Altum”, LGA, RDF was merged into JSC “Development Finance Institution” and ceased to exist without a liquidation process. This stage was completed on 15 April 2015, thereby creating a new unified institution with new name JSC “Development Finance Institution Altum”.
The newly created JSC “Development Finance Institution Altum” (ALTUM) took over all of the rights and obligations, including contract obligations with clients and partners of JSC “Latvian Development Finance Institution Altum”, LGA and RDF.

ALTUM continues to implement various state aid programmes and offers financial instruments such as loans, guarantees, capital instruments and additional instruments, such as grants. ALTUM develops new aid programmes and financial instruments in cooperation with policymakers to advance the economy’s development of Latvia.

ALTUM currently has 7 branches and 14 consultation centers that provide customer services throughout the territory of Latvia.