On December 14, 2023, the extraordinary meeting of shareholders of the joint-stock company "Development Financial Institution Altum" (hereinafter – ALTUM) approved the ALTUM’s operating plan and budget for year 2024.

According to the ALTUM’s mid-term strategy 2022-2024, the following main goal and task of the ALTUM have been set for year 2024 – by implementing support programmes, ensure the growth of the ALTUM’s portfolio, maintaining a positive capital return and efficiency.

To achieve the set goal and task:

1. It is expected that in 2024, the cautious and wait-and-see attitude of entrepreneurs towards new investments and taking on credit obligations, affected by the cost of resources, will continue, therefore, greater involvement of ALTUM in direct lending is planned in those areas where lending is insufficient. At the same time, ALTUM plans to maintain its focus on launching the programmes under the new the EU fund’s programming period 2021-2027, as well as continue to implement the programmes under the Recovery and Resilience Facility (RRF) and the large investment loan programme for Midcaps with a capital rebate.
2. In order to promote the availability of financing and to make issuance of loans even more efficient and faster, it is planned to introduce an automated review process for loan applications up to EUR 100 thousand.
3. Increasing the role of venture capital instruments by introducing 5th generation venture capital funds, which will be a significant support for the growth and development of innovative, technological and high growth potential companies, as well as the IPO fund to promote both the participation of companies in the capital market and transaction activity in it.

JSC Development Finance Institution Altum is a Latvian state-owned company providing enterprises and households access to 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 16 December 2022 Moody’s Investors Service (Moody’s) affirmed the Company’s Baa1 long-term issuer rating, with outlook stable, same as affirmed on 25 March 2019. The baseline credit assessment (BCA) is also affirmed at Baa3, together with the short-term issuer rating at P-2. 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
         AS Attīstības finanšu institūcija Altum Investors Relationships Division
         Tel.: +371 26165699
         E-mail: Laura.Lapkovska@altum.lv