The Northern Investment Bank (NIB) has approved a €15 million loan to Riga Satiksme, the municipal transport operator in Latvia’s capital, to fund the electrification and modernization of its trolleybus network.
The financing is designed to support the transition from fossil-fuel-dependent transit to electric infrastructure, aligning with broader European Union sustainability goals for urban mobility.
The loan targets specific upgrades to the existing trolleybus grid, including overhead line modernization and vehicle fleet enhancements.
By backing Riga Satiksme, the NIB is reinforcing its role in financing green infrastructure projects across the Baltic region, where public transport decarbonization remains a priority for local governments seeking to meet climate targets.
This development follows a pattern of increased institutional lending for sustainable transport initiatives in Eastern Europe.
Similar to recent large-scale financing packages approved by the European Investment Bank for aerospace and other sectors, the NIB’s move highlights the growing availability of capital for projects that reduce carbon footprints in public services.