Latvia became an IFC member and shareholder in 1993. Since then, IFC has supported Latvia's transition to a market economy through investment and advisory services. IFC has invested $53.5 million from its own account in five projects in the financial, hotel, wood processing, telecom, and retail sectors.
IFC’s role in Latvia is changing in light of the country’s accession to the European Union and the growing availability of private financing. IFC will focus on the regions, sectors, and projects where IFC’s developmental role is crucial and for which private financing remains limited, emphasizing socially and environmentally sensitive sectors.