The European Investment Bank (EIB) will advise Latvia on accelerating the development of high-growth business sectors. Through this new cooperation with the Ministry of Economics and the Investment and Development Agency of Latvia (LIAA), the EIB will help the country create the conditions for more competitive and scalable companies.
EIB experts will assess how Latvian businesses, research institutions and emerging technologies are supported and identify where policies and financing can be strengthened. The work, due to take place until the end of this year, will also explore opportunities for deeper Latvian alignment with neighbouring Estonia and Lithuania to foster strategic Baltic-wide initiatives.
“Latvia has built a strong foundation for innovation, but the next step is scale,” said Latvia’s Minister for Economics Viktors Valainis. “Our priority is to ensure that promising companies can grow faster, attract international investment and compete globally. Cooperation with the European Investment Bank gives us access to world-class expertise to sharpen our policies, strengthen our financial instruments and unlock the full potential of Latvia’s innovation ecosystem. This is a strategic step to position Latvia as a competitive hub for technology and high-growth companies in Europe.”
The Latvian market for startups is expanding rapidly, with around 560 companies generating over €600 million in turnover and employing more than 5,000 people at the end of 2025.
Nonetheless, access to early-stage and scaleup financing in Latvia remains uneven. In addition, Latvian deep-tech and science-based companies face persistent hurdles when expanding internationally. Furthermore, industry participants are calling for a stronger project pipeline and better-aligned national support measures.
As part of the advisory work, the EIB will deliver a capacity-building programme for Latvian innovation ecosystem, including public authorities involved in innovation and economic development. Riga Technical University’s development plan will be assessed within the pilot project to illustrate how major university investments can be support national innovation and economic development goals. This will strengthen their ability to design financial instruments, implement support measures, plan long-term strategic investments and attract European Union funding for technological advances.
“This cooperation builds on the strong momentum already present in Latvia’s innovation ecosystem,” said EIB Vice-President Karl Nehammer. “By strengthening national capacities and supporting the development of forward-looking strategies, we can help Latvia amplify its strengths, align with Europe’s most dynamic innovation networks and attract even more strategic investment.”
The result will be a set of recommendations and a roadmap to reinforce Latvia’s innovation system. The EIB work stems from the European InvestEU programme and, in particular, its “Advisory Hub”.
“This partnership allows us to take a more targeted and data-driven approach to supporting innovation and investment in Latvia,” said Ieva Jāgere, Director of Investment and Development Agency of Latvia. “Together with the EIB, we will identify the most critical gaps – from early-stage financing to scale-up support – and develop solutions that are practical and aligned with market needs. Our goal is clear: to help more Latvian companies grow internationally and to attract higher-value investments to Latvia.”
The EIB will carry out its advisory work in close collaboration with public authorities, investors, industry partners and start-ups themselves, to ensure that recommendations are practical, targeted and aligned with market needs.
