EIF Partners with BluOr Bank to Offer €30 Million in Green Financing for Latvian SMEs

EIF Partners with BluOr Bank to Offer €30 Million in Green Financing for Latvian SMEs

(IN BRIEF) The EIF and BluOr Bank have signed an agreement to provide up to €30 million in financing for Latvian SMEs working on green projects. Supported by the EU’s InvestEU programme, this initiative aims to help businesses improve energy efficiency, adopt renewable energy solutions, and comply with EU environmental standards, all while benefiting from favorable loan terms.

(PRESS RELEASE) RIGA/LUXEMBOURG, 5-Jun-2025 — /EuropaWire/ — The European Investment Fund (EIF) has partnered with Latvian lender BluOr Bank to provide up to €30 million in financing for small and medium-sized enterprises (SMEs) in Latvia focused on green initiatives. This agreement, backed by the European Union’s InvestEU programme, will offer favorable loan terms to companies pursuing sustainable business practices, helping them address climate change and adopt environmentally friendly solutions.

BluOr Bank will use EIF guarantees to offer loans to Latvian SMEs and small mid-caps with lower interest rates, making it easier for businesses without sufficient collateral to access the financing they need for green upgrades. This initiative will support various sectors, including energy efficiency improvements, renewable energy adoption, and upgrades to manufacturing processes to meet EU environmental standards.

Marjut Falkstedt, EIF Chief Executive, said, “We are excited to partner with BluOr Bank to offer more favorable financing terms to Latvian businesses. This agreement will help local companies transition to greener practices, contributing to sustainable growth and economic resilience in Latvia.”

Dmitrijs Latisevs, CEO of BluOr Bank, added, “This collaboration with the EIF gives Latvian entrepreneurs better access to financing for green projects. With EIF guarantees, we can provide crucial support to businesses striving to improve energy efficiency and invest in renewable energy solutions. We are confident this partnership will help local businesses thrive while becoming more resilient to future challenges.”

Background information

About the EIF

The European Investment Fund is part of the European Investment Bank Group. Its central mission is to support Europe’s small and medium-sized enterprises (SMEs) by helping them access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments that specifically target this market segment. In this role, the EIF furthers key EU policy objectives such as competitiveness and growth, innovation and digitalisation, social impact, skills and human capital, climate action and environmental sustainability, and more.

About InvestEU programme

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

About BluOr Bank

BluOr Bank AS is a privately owned commercial bank, one of the six largest banks operating in Latvia, and is among the five systemically important financial institutions in the country. The Bank was established in 2001. BluOr Bank AS provides a full range of banking services: daily banking services for corporate and individuals, loans to small and medium-sized companies, asset management and brokerage services. According to the Bank’s strategy, the main business segment is corporate banking with a focus on small and medium-sized companies and corporate lending.

Media Contacts:

EIB Group
Kristiina Randmaa
M. +352 4379 72894, e-mail:  k.randmaa@ext.eib.org
Website: www.eif.org — press@eib.org

BluOr Bank
Ingrīda Šmite, Head of Corporate Communication and Marketing Department
Ingrida.smite@bluorbank.lv

SOURCE: European Investment Fund