On 15 December 2021 the extraordinary shareholders’ meeting of JSC Development Finance Institution Altum (Altum) having approved the operational plan and budget of Altum for year 2022 based on the draft Altum’s Mid-term Operational Strategy the following main goals and assignments have been set for Altum in year 2022:

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

1. Launch of new programs under the Recovery and Resilience Facility, where the main areas eligible for support include solutions mitigating the impact of climate change, digitalization of businesses and construction of affordable rental housing, as well as investment loans with a capital rebate financed from the state budget.

2. Work on the creation of a 5th generation venture capital funds and launching their operations.

3. Undergo a Pillar Assessment for Altum to qualify for InvestEU Implementation Partner status in 2023.

4. Assessment and integration of environmental, social and governance (ESG) aspects in financing-related decisions and as well as in Altum’s credit risk management processes.

JSC Attīstības finanšu institūcija Altum (JSC Development Finance Institution Altum) is a Latvia 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 Moody’s Investors Service (Moody’s) reconfirmed Altum’s Baa1 long-term issuer rating, with outlook stable. 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 corporate entities 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 26165699
         E-mail: Laura.Lapkovska@altum.lv