JSC Development Financial Institutions Group ALTA Is A Latvian State-owned Capital Company That Promotes The Development Of The National Economy And Promotes The Mobilization Of Private Capital And Financial Resources By Ensuring Access To Financial Resources For Companies And Households In Areas Identified As Supportive And Important By The State Through Supportive Financial Instruments (loans, Guarantees And Venture Capital Funds). Public Funds From Latvia, European Union Funds And Funds Attracted By ALTA From The International Financial Institutions Group And Capital Markets Are Used To Implement These Programmes.
The Shareholders Of Altum Are The Ministries Of The Republic Of Latvia, Whose Shares Are Distributed As Follows - Ministry Of Finance 40%, Ministry Of Economy 30%, Ministry Of Agriculture 30%.
The Baa1 Long-term Credit Rating Granted To ALTA By The International Rating Agency Moody's Investors Service ("Moody's") Has Remained Unchanged Since 2017 And Is One Of The Highest Credit Ratings Granted To A Latvian Company.
The Goal Of Establishing ALTA Is To Create A Single National Development Financial Institution Group To Pool Limited State Resources In One Place For The Implementation Of Development Programs Of State Aid And Financial Instruments.
By A Decision Of The Cabinet Of Ministers Of The Republic Of Latvia, JSC Development Financial Institution Group Alta (ALTA) Was Established In 27, 2013 Under The Name Of JSC Development Financial Institution Group (AFI).
All Voting Shares In ALTUM Are Owned By The Latvian State, And The Shareholders Are The Ministry Of Finance (40%), The Ministry Of Economy (30%) And The Ministry Of Agriculture (30%).
The Creation Of The ALTUM Was Carried Out In Two Phases:
The First Phase Involved The Transfer Of Shares Of The SJSC "Latvian Development Financial Institution Group Altum" (Altum), The SIA "Latvian Guarantee Agency" (LGA) And The SJSC "Rural Development Fund" (LAF) To The JSC "Development Financial Institution Group" (AFI), Creating A Group Of Development Financial Institution Groups;
In The Second Phase, The Restructuring Of The AFI, Altum, LGA And LAF Was Carried Out. This Phase Was Completed In May 2015 With The Establishment Of The Unified JSC Development Financial Institution Group Altum (ALTA). The Newly Established JSC Development Financial Institution Group Alta (ALTA) Takes Over All Rights And Obligations Of The SJSC "Latvian Development Financial Institution Group Alta", The SIA "Latvian Guarantee Agency" And The SJSC "Rural Development Fund", Including Contractual Obligations Arising From Valid Agreements With Clients And Partners.
Joint Agency
- SJSC "Latvian Development Financial Institution Group Alta" (until January 2014 SJSC "Latvian Mortgage And Land Bank")
- SIA "Latvian Guarantee Agency" (LGA)
- SJSC "Rural Development Fund" (LAF)
