Loan in the amount of 1 billion Euros.
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The European Commission has outlined the first part of Latvia’s loan in the amount of 1 billion Euros in financial support. Reported by RIA news in the EC Representation in Latvia.
In January, the Council of the European Union (Council of the European Union) at the Council of EU Finance Ministers (Ecofin) has decided to give Latvia a credit totaling 3.1 billion Euros in aid in overcoming the financial crisis. This credit will be in Latvia for three years, the repayment of it is seven years.
The loan is part of the volume of assistance to 7.5 billion Euros, which consists of funds allocated to the International Monetary Fund, World Bank, European Bank for Reconstruction and Development and several European countries.
Credit is allocated on the condition that the Latvian authorities to use the funding to reduce the pressure on liquidity and restore stability by strengthening the banking sector.


