TGS Baltic has advised the University of Latvia regarding a EUR 11.5 million loan agreement with the Council of Europe Development Bank for the further development of an Academic Centre.
The CEB loan will partly finance the second phase of development of the university’s campus, located in the Torņakalns area of Riga. The total financing of phase II is EUR 90 million, which involves the construction of the “House of Science” and the “House of Letters." The remaining financing is provided by European Investment Bank — within the framework of the so-called “Juncker Plan” — and the European Regional Development Fund.
In its own press release, CEB Bank stated that "the modernization work is expected to have significant benefits for the University community and more broadly for higher education in Latvia. In terms of capacity, it is anticipated that, by the time the project is completed, the University should be able to host an additional 1,000 students and a further 1,000 students by 2026.”
Commenting on the signing, Governor Wenzel said: “Giving young people the opportunity to build a bright future for themselves is vital when it comes to creating cohesive, prosperous societies. This is why the CEB attaches particular importance to social investments in the area of education. I am pleased that with the CEB loan agreement we are signing here today we will help the University of Latvia to complete its modernization plan. In so doing, we will contribute to strengthening the quality and competitiveness of higher education in Latvia.”
TGS Baltic provided legal assistance in relation to the loan agreement and adaptation of its terms to the specific project of the University of Latvia and the university itself as a public institution. The firm's team included Partner Inese Hazenfusa and Senior Associate Mara Stabulniece.