Latvian Guarantee Agency (LVA) | Export Credit Agency (ECA) in Latvia

Export Credit Agency (ECA) in Latvia

Latvian Guarantee Agency (LVA) | Export Credit Agency (ECA) in Latvia

About Latvian Guarantee Agency

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.

A summary of Latvian Guarantee Agency

Latvian Guarantee Agency – Benefits of using an ECA in Latvia

  •  Loans
  •  Guarantees
  •  Venture Capital

Products and services offered by Latvian Guarantee Agency

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

History of Latvian Guarantee Agency

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.

Raw Materials – From tobacco to spices, gold to bronze, commodities represent a large proportion of our trade finance portfolio

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Finished Goods – Our innovative structuring capabilities allow us to put together complex finance structures, even if the end goods are finished

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Metals – From scrap metal to alloys, we help traders and distributors access trade, receivable or PO finance for iron, steel and non-ferrous metals

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Key Stats

Name:

Latvian Guarantee Agency

Country:

Latvia, Europe

CEO:

Reinis Bērziņš

Founded:

1998

Employees:

180

Government:

Latvian Government

Company Number:

+371677774118

Address:

Doma laukums 4, Riga, LV-1050, Latvia

Email Address:

altum@altum.lv

About the Author

Elcyn Domingo is responsible for the TFG Weekly Trade Briefings at Trade Finance Global.

She holds a Bachelor of Science degree in Information and Technology and is passionate about how SMEs can use new technologies to overcome challenges for business growth, with regard to both digital and sustainable models for trade.

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