Board Approval Date | Project
Name | Project
Cost*
(mil USD) | IFC
Financing*
(mil USD) | Project
Description |
| Jun-01 | Linstow Retail | 146.0 | 60.0 | Expansion of Linstow Varner’s retail operations through extensions to retail center in Riga. The project also involves redevelopment of an abandoned industrial site, renovation of buildings within the UNESCO World Heritage List area, and renovation and improvement of the old Riga Central Railway Station. |
| Jun-99 | Baltic Hotels | 15.5 | 5.5 | Expansion and development of a regional hotel group focusing on the historic cities in the Baltic region. |
| Dec-97
Apr-96 | Vereinsbank Riga | | | Establishment of the first joint venture commercial bank in Latvia to provide banking services, with the main focus on project finance and working capital financing. |
| Jun-96 | Vika Wood | 19.0 | 4.0 | Joint venture between Hebeda Tra AB (Sweden) and Thomesto Oy to build and operate a sawmill, producing kiln-dried and green sawn wood.
The company is using Scandinavian technology, equipment, and know-how to produce sawn goods.
Vika Wood exports more than 90% of its output. Its products are sold in Europe, North Africa and the Far East. Quality by-products, such as wood chips, are bought by the pulp industry. Since the sawmill was put into operation in 1997, the company has rapidly expanded its production volume. |
| Sep-94 | Lattelekom (Tilts Communications) | 220.1 | 16.4 | Modernization of Lattelekom, the monopoly fixed-line telecommunications operator in Latvia. The project is designed to eliminate inadequacies in international and domestic long distance connections, rural phone systems, and public payphones. Lattelekom was the first of Latvia's major state enterprises to be privatized. IFC acquired 10% in Tilts Communications, a company created to assist in the modernization and expansion of Lattelekom. |
* Project cost and IFC financing refer to amounts approved by the IFC's Board.
