A new round of the Large Investment Program has been launched – €67 million for the development and export of Latvian companies
Today in Jelgava, the Ministry of Economics, in cooperation with the Latvian Investment and Development Agency (LIAA) and the Development Finance Institution Altum (ALTUM), launched a new selection round of the Large Investment Program. This program, with a total funding of €67 million, is designed to support significant investment projects with state aid of up to €10 million per project.
Economics Minister Viktors Valainis: “Latvia needs large, strategically important investment projects that promote exports and create new well-paid jobs. The Large Investment Program is one of the most effective instruments for achieving this development. Every euro invested in this program generates at least a threefold return in exports, providing additional revenue for the state budget. So far, 23 contracts with a total support amount of €153 million have been concluded in the program’s first three rounds.”
In the new program, the support intensity will range from 5% to 30% of eligible investments, with up to €10 million allocated per project. Support will be available to export-oriented manufacturing companies, including defense and dual-use projects, as well as primary agriculture investment projects.
Results from the first three rounds demonstrate the program’s significance for the Latvian economy:
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State support totaled €153 million;
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1,300 new jobs were created;
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Exports increased by €415 million annually;
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Investments in research and development reached €18.7 million;
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15.4% of every invested euro returns to the state budget as taxes;
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14.2% of every export euro benefits the state;
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Each new job with an average salary contributes €12,000 per year to the state budget.
LIAA Director Ieva Jāgere emphasized: “The program provides significant support to both local companies and foreign investors looking to develop new products, modernize production, and expand exports. This support encourages companies to make substantial steps in their growth. We see ambitious projects being implemented with its support, such as the construction of the ‘ASNS Ingredient’ pea protein factory in Jelgava, where the total investment will exceed €100 million.”
Expanded eligibility for support
In the new, fourth round of the Large Investment Program, the pool of potential beneficiaries has been expanded. One of the most significant changes is the inclusion of defense and dual-use projects, which, in certain cases, will be given priority to strengthen the country’s security and the development capacity of the military industry. Additionally, primary agricultural production is included for the first time, offering capital discounts for investments in modern, export-capable, climate-neutral technologies and production solutions to enhance the sector’s competitiveness.
Inese Zīle, ALTUM Board Member: “The program offers entrepreneurs an attractive financing solution – up to 30% of project costs can be covered, while motivating companies to achieve the highest possible returns. Importantly, support is available for projects that have not yet started, meaning the program focuses on new, high-return projects. This is evident from projects supported in previous rounds. As before, ALTUM will evaluate the viability of investment projects, their compliance with program requirements, and make decisions on loan allocation. A capital discount loan of up to €10 million, with a term of up to 20 years, is available. This is truly a valuable program for companies, and we expect high-quality projects and healthy competition.”
Sandis Babris, CEO of SIA “Brabantia Latvia,” shared: “Thanks to this support program, investments from the Brabantia group come directly to Latvia. We have already launched four new products, and this support will allow us to continue development, delivering more innovative solutions, including a new ironing board and steam technology products available in over 90 countries. Many thanks to ALTUM – cooperation is proactive and smooth, facilitating the project’s implementation.”
Rihards Volfs, Board Member of SIA “CeWood,” added: “The program is very valuable for companies – the application process is much simpler than in many other programs. I encourage others to take advantage of this opportunity, as projects can be implemented as the company plans, without complicated and time-consuming procurement procedures. It’s relatively simple and fast.”
Application process
Applications for the new round will be open from November 20, 2025, to February 20, 2026, at: https://business.gov.lv/atbalsta-iespejas/lielo-investiciju-aizdevums-ar-kapitala-atlaidi-4-karta?section=informacija-par-atbalstu
More information is available on the ALTUM website: https://www.altum.lv/pakalpojumi/biznesam/aizdevumi-ar-kapitala-atlaidi/
To help companies prepare for participation in the program, LIAA and ALTUM will hold an online informational seminar on November 24 at 10:00, registration available on the same website: www.business.gov.lv.
Companies that signed contracts in the first three rounds include: CEWOOD, Stiga RM, Olpha, Pata Jēkabpils, Avoti, Hornbaek Baltic, Rettenmeier Baltic Timber, Forevers, Tet, Brabantia, Krauss, Asns Ingredient, Valmieras stikla šķiedra, Lūsēni, Ercon, Pet Science Develop, Vudlande, Palleteries, Baltic Dairy Board, and RSEZ Verems.
About the Large Investment Program
The program has been running since 2022 and supports projects with at least €10 million in investments. It offers ALTUM loans with capital discounts of up to 30% and focuses on increasing production, technology, innovation, and export capacity. With amendments to Cabinet regulations, the program has been expanded and improved to meet the challenges of national competitiveness and security.
