Published: 2020-12-21 11:53:10 CET
Attīstības finanšu institūcija Altum
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Main Goals and Assignments of JSC Development Finance Institution Altum in Year 2021

Inside information, 2020-12-21 11:53 CET -- On 21 December 2020 the extraordinary shareholders’ meeting of JSC Development Finance Institution Altum (Altum) having approved the operational plan and budget of Altum for year 2021 based on the Altum’s Mid-term Operational Strategy for 2019 - 2021 has set the following main goals and assignments for Altum in year 2021:

The main goal – to ensure growth of Altum’s portfolio maintaining a positive return on equity and efficiency when implementing the national support programmes.

1. The implementation of the financial instruments of Covid – 19 negative impact prevention (guarantees, loans and the Capital Fund).

2. Extension of activity and amounts of the programmes and increase of efficiency, distribution and implementation of new programmes.

3. Availability of new EU funding for implementation of the programmes in the form of financial instruments:

  • European Recovery Plan’s Recovery and Resilience Facility (RRF) fund investment in the form of financial instruments (to entrepreneurs for meeting the green objectives, support to the projects of economic operators for implementation of digital and innovative solutions);
  • Development of proposals of the new EU fund planning period (2021-2027) financial instruments.

4. Development of the operational strategy for the next 3 years from 2022 - 2024.

JSC Development Finance Institution Altum is a Latvian state-owned company that ensures access of the enterprises and households to the financial resources by means of support financial instruments - loans, guarantees, investments in venture capital funds - in the areas defined as important and to be supported by the state, thus developing the national economy and enhancing mobilization of the private capital and financial resources. On 25 March 2019 the international credit rating agency Moody’s Investors Service (Moody’s) reconfirmed Altum’s Baa1 long-term credit rating with a stable perspective assessment. The baseline credit assessment (BCA) was upgraded to investment grade rating baa3. The assigned Moody’s rating of Altum is one of the highest credit ratings assigned to capital companies in Latvia. On 24 October 2017 the bonds issued by Altum were listed on a regulated market – Baltic Bond List of Nasdaq Riga.

         Laura Lapkovska
         JSC Development Finance Institution Altum Investors Relationships Division
         Tel.: +371 67774023, +371 26165699