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Saturday 22.09.2018 | Name days: Maigurs, Mārica, Māris
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Government allocates 64 million for modernization of enterprises

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Latvian Cabinet of Ministers has approved the initiative proposed by Economy Ministry to increase financial support for the third round High value-added investment (APT) programme to LVL 40 million and allocate an additional amount of LVL 24 million for the fourth round.

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThis will support a wider range of enterprises, increase support intensity to 45% per project and increase the maximum support amount to LVL 900,000, Economy Ministry reports.

As part of APT, entrepreneurs will be able to receive support for investments in education and technologically intensive projects.

“As part of the National Industrial policy, Latvia has developed multiple pilot projects in order to create useful development instruments for business modernization. The goal is to introduce a new, more efficient product and service production system. This is why we have improved and expanded APT programme, increasing funding and making it more easily available for small and medium companies. An additional amount of LVL 64 million will be available for entrepreneurs in this planning period. This allows for support of at least 72 modernization projects and create hundreds of new jobs,” – says Economy Minister Daniels Pavluts.

The second round of APT was launched September 2, 2013. After the approval of the aforementioned amendments by the Cabinet of Ministers, the submission term for applications for the third round of APT was extended starting from the day of amendments coming into force. With that, it is planned to end this term this November, even though the previous deadline was October 31. It is planned to evaluate the project within three months. APT will likely support at least 72 projects. Their total investment volume is estimated at LVL 144 million. All projects will need to be finished by September 15, 2015.

The goal of APT programme is to encourage Latvian entrepreneurs to perform investments in innovative educational or technological projects and attract foreign investments for projects with a high added value.

All project authors will be able to launch projects shortly after their submission to Investment and Development Agency of Latvia (LIAA).

37 projects have already been submitted for approval as part of the first round of APT. Their total investment amount is LVL 207 million. LVL 73.6 million of this amount was provided by the European Regional Development Fund.

Ref: 102.109.109.9418


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