IEG Good Practice Awards: 2006 Winners
Project Award
 Winner
Latvia Agricultural Development Project
Reason for Selection
The Agricultural Development Project helped lay the foundation for a strong rural finance sector in Latvia. At the time of project approval, neither farmers nor rural businesses had access to an organized credit market. In response, both the project and the follow-on Rural Development Project successfully provided rural finance and associated technical assistance in a timely manner during the transition period after the collapse of the Soviet Union. The project was identified, prepared, appraised and became effective in under twelve months without compromising design and implementation quality. When there was a problem with the technical assistance being provided to the Agricultural Finance Company, the Bank was able to locate another source of technical assistance which met the needs of the Borrower. Today, Latvia has a modern and diversified rural sector in which the state-owned Mortgage and Land Bank -- the successor to the Agricultural Finance Company -- and several private banks are providing a full range of services to rural and urban clients at competitive prices.
Project Description
Approved: January 11, 1994
Closed: December 31, 1997
IEG PPAR Date: July 8, 2004
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