The European Investment Fund is part of the European Investment Bank Group. Its central mission is to support Europe’s small and medium-sized enterprises (SMEs) by helping them access finance. The EIF has announced it is committing €15 million to a new corporate-financing initiative run by Latvian investment company Merito Partners to bolster the growth of small and medium-sized enterprises (SMEs) in the Baltic region. The pledge by the EIF comes from the Baltic Innovation Fund II, making it the first institutional investor in the ‘Merito Baltic Opportunities I AIF’ fund, which has a target size of €100 million.
The EIF contribution advances European Union goals to improve access to financing for SMEs in Estonia, Latvia and Lithuania. The new fund is targeted at fast-growing companies primarily in Latvia and Lithuania.
“Supporting the growth of SMEs across Europe and in the Baltic region is a central part of our mission,” said EIF Chief Executive Marjut Falkstedt. “Our commitment to Merito Baltic Opportunities I AIF underscores our determination to improve access to finance and thus promote innovation and economic growth, keeping our economies strong during difficult times.”
The new fund's management team consists of professionals with extensive experience in Baltic business funding transactions. The fund partners are Mikus Janvars and Andris Kotāns from Latvia, and Audrius Mozūras from Lithuania.
