Press Release: State aid: Commission approves creation of Latvian development institution to facilitate SME financing

On 09 June 2015 the European Commission has concluded that Latvia's project to establish a financial institution (the Latvian Single Development Institution - SDI) is compatible with EU state aid rules. The SDI will facilitate access to finance for small and medium sized enterprises (SMEs) and other players that face obstacles to raise financing in the market. The Commission found that the new institution would address such market failures without unduly distorting competition in the Single Market.