Projects in Latvia

Project Summary Documents

Project Summary Documents (PSDs) are disclosed for each project prior to Board consideration. They contain project descriptions, financial details, client information, environmental issues, tender guidelines, and contact details. PSDs for private sector projects are disclosed at least 30 days prior to Board consideration and for state sector projects, at least 60 days.

Project Summary Documents 

Signed projects

Board approval is the final stage in the project approval process. After Board approval, the EBRD and the client sign the deal and it becomes legally binding. Signed project lists reflect year-end data.

Signed projects  (0.1Mb) 

Case studies

Riga Water corporate loan

The EBRD is providing a €39 million direct corporate loan to the Riga Water Company to improve the municipal water and waste-water system. First provided in 2000 the loan was extended in April 2004.

The waste-water components of the project have a significant environmental benefit for the Daugava River and therefore the project represents a major milestone in Latvia's efforts to comply fully with EU environmental standards. The operation will enable the city of Riga and the Riga Water Company to comply with the EU’s effluent standards. By improving the water quality in the Daugava River it also contributes to the international effort to protect the Baltic Sea.

The loan is backed by a municipal support undertaking, but not a financial guarantee, by the city of Riga. This transaction shows that self-financing municipal services in Latvia can be financed without recourse to sovereign or municipal guarantees. This is significant as Latvian cities are subject to strict annual national limits for debt service and guarantees. Direct lending to utilities for self-financing services frees up borrowing capacity for investment in non-direct revenue-earning services.