Latvia to become NIB’s second host country

On 30 July, the Nordic Investment Bank (NIB) and the Republic of Latvia signed a Host Country Agreement. The agreement will formalise the status of NIB’s regional hub and enable the Bank to employ staff in Latvia.

The Host Country Agreement supports the Bank’s strategy to enhance its presence in the Baltics and increase investments in underserved market segments. While the Bank’s headquarters will remain in Helsinki, the new agreement will enable NIB to recruit and station workforce in Latvia.

“We are thankful to the Latvian authorities for their openness and support along the way,” said André Küüsvek, NIB President and CEO, at the signing ceremony. “Establishing and staffing NIB’s new regional hub in Riga will enable the Bank to be better connected to the Baltic markets and to drive cross-border investments across the Nordic-Baltic region.”

The agreement sets provisions and regulations regarding NIB’s staff seated at the regional hub and their family members, among others. After parliamentary processing, it will be incorporated into national legislation in Latvia.

“The agreement between NIB and Latvia showcases our commitment to hosting international financial institutions. This collaboration establishes a straightforward platform for companies to explore investment opportunities with NIB. Our enhanced cooperation aims to accelerate investments in energy, infrastructure, innovation, security and resilience. Moreover, it opens new career pathways for both our local and international talent,” says Arvils Ašeradens, Minister of Finance of the Republic of Latvia.

Latvia joined NIB in 2005 with the other Baltic countries. The Bank has been investing in the country since 1995, providing approximately EUR 1.6 billion in financing to more than 125 projects. Some of NIB’s latest financed projects in Latvia are Rigas Siltums’ and Latnevergo’s investment programmes, Air navigation upgrades at Riga Airport, and the Ķekava bypass road project. Read more about NIB in Latvia.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

Source: Press release (www.nib.int)
Photo: Ministry of Finance