The Latvian Credit Fund
This case study provides an overview of how EUR 44.7 million from the European Agricultural Fund for Rural Development and the European Maritime and Fisheries Fund provided advantageous loans to farming and fishery businesses in Latvia through the Credit Fund, a financial instrument. This Credit Fund was particularly important to counteract negative effects of the 2008-2009 financial crisis, such as access to finance for agricultural and fishery projects. For instance, with a loan from the Credit Fund, farmer Mairis could build a new cowshed and more than double his farm’s milk production. Furthermore, the financial instrument’s innovative use in the fisheries sector helped an aquaculture project and a fish processor obtain advantageous loans.