On Thursday, June 4, Minister for Finance Māris Kučinskis met with European Bank for Reconstruction and Development (EBRD) President Odile Renaud-Basso, First Vice President Greg Guyett and Vice President for Operations Matteo Patrone to discuss the EBRD’s future involvement in promoting investment in Latvia, support for the development of the eastern border region, cooperation in implementing energy and infrastructure projects, as well as issues related to Ukraine’s reconstruction. The meeting took place on the eve of the EBRD Board of Governors’ Annual Meeting and Business Forum, which will be held in Riga from June 5 to 7.
“The presence of EBRD leaders and shareholders in Riga, holding the meeting right here, is a direct signal to businesses worldwide that Latvia offers a secure environment for investment. It is particularly important at this time to attract EBRD-financed projects specifically to the regions located on Latvia’s - and thus the European Union’s - eastern border, thereby promoting both military and economic security. This is essential both for the country’s overall security and economic development, and to ensure that residents do not wish to leave the regions located along the eastern border,” emphasized Minister for Finance Māris Kučinskis.
The Minister thanked the EBRD’s leadership for their close cooperation in organizing the EBRD Board of Governors’ annual meeting in Riga, and highlighted the bank’s significant role in attracting investment, developing the financial sector, strengthening energy security, and promoting business competitiveness in Latvia.
During the meeting, the Minister emphasized that strengthening Latvia’s eastern border is one of the government’s priorities. The active involvement and presence of international financial institutions, including the EBRD, is a crucial signal of security, stability, and confidence to investors. In this context, the European Commission’s EastInvest Facility initiative is particularly significant as a tool for mobilizing investment in the EU’s eastern border regions. Latvia looks forward to the EBRD’s active participation in the practical implementation of this initiative to mitigate investment risks and promote the region’s economic resilience and sustainable growth.
The parties also discussed the EBRD’s support for Ukraine. The Minister highly commended the Bank’s significant and multifaceted contribution to strengthening Ukraine’s economic resilience and creating the conditions for the country’s recovery. Particular emphasis was placed on the EBRD’s leading role in coordinating international efforts to ensure safety at Chernobyl, including mobilizing donor support for the reconstruction of the Chernobyl NPP sarcophagus following recent damage. The Minister emphasized that close cooperation among international partners and coordinated action are essential to ensuring a sustainable and safe solution. At the same time, he noted that Latvia continues to provide comprehensive and long-term support to Ukraine, strengthening both societal resilience and national defense capabilities. Since the start of Russia’s full-scale invasion, Latvia’s total support for Ukraine has exceeded 1 billion euros, or 0.6% of gross domestic product.
The meeting also discussed cooperation in the development of investment projects in Latvia. The Minister noted that following a meeting with EBRD sector teams held in London this past May, during which specific investment proposals were presented, there is clear interest among Latvian businesses in deepening cooperation with the EBRD. During the meeting, several projects in the fields of green energy, sustainable manufacturing, and alternative fuels were discussed.
The Minister also expressed hope for positive progress on the Riga Airport passenger terminal expansion project. Given the growing passenger flow and infrastructure capacity constraints, this is a strategically important project that will improve the region’s connectivity and promote economic growth. At the same time, the upcoming signing of the HoST biomethane project during the EBRD Annual Meeting in Riga was viewed positively.
During the meeting, the Minister expressed support for the EBRD’s new Economic Governance Strategy. Its objectives align with Latvia’s priorities - to foster a business environment conducive to growth, strengthen investment attraction and corporate competitiveness, and ensure effective, transparent, and accountable institutional governance.
This week, from June 5 to 7, Riga will host the EBRD Board of Governors’ Annual Meeting and Business Forum, bringing together finance ministers, heads of international financial institutions, investors, and business leaders from EBRD member countries. Latvia is one of only two countries entrusted with hosting this event again.
