New EIF - ALTUM agreement unlocks €66 million for Latvian students

A new agreement between the European Investment Fund (EIF) and Latvia’s national promotional institution ALTUM will make study loans more accessible for thousands of Latvian students. Backed by the EU’s InvestEU programme, the initiative will provide up to €66 million in financing between 2026 and 2029, benefiting around 8,800 students.  

Under this structure, EIF offers a counter-guarantee to ALTUM, which in turn guarantees loans issued by commercial banks. This structure gives banks confidence to lend to students on better terms, including interest-free grace periods and no collateral or co-signors. It helps ensure that students financial background does not limit their access to higher education.

This programme builds on the first partnership launched in 2021 under the Skills & Education Guarantee Pilot, part of the European Fund for Strategic Investments — the main pillar of the Investment Plan for Europe. That pilot programme enabled almost 13,000 students and learners in Latvia to access favourable loans to cover tuition fees and living costs.

“Our cooperation with the EIF has already delivered impressive results, helping students across Latvia pursue higher education regardless of their family’s financial situation,” said Reinis Bērziņš, CEO of ALTUM. “With the support of the EIF and the Latvian state budget, we have already enabled more than €100 million in study and student loans to be granted across the country. The counter-guarantee mechanism will allow us to keep providing accessible financing in the years ahead.

”Education is the foundation of Europe’s future,” said Marjut Falkstedt, EIF Chief Executive. “This agreement gives thousands of Latvian students the chance to study without financial barriers and gain the skills needed for tomorrow’s jobs. ALTUM’s proven success shows how partnerships like this make education more accessible and inclusive.”

InvestEU is the EU’s flagship investment programme supporting sustainable growth, innovation, and skills development across Member States.

The EIF is part of the EIB Group. Its central mission is to support Europe’s small and medium-sized enterprises (SMEs) by helping them access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments that specifically target this market segment. In this role, the EIF furthers key EU policy objectives such as competitiveness and growth, innovation and digitalisation, social impact, skills and human capital, climate action and environmental sustainability, and more.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.