In continuation of Swedbank's tradition in Latvia and Sweden of supporting education-related change, the bank will establish a new foundation related to supporting education, thereby promoting growth, financial literacy and financial health in society. The initial investment of EUR 10 million in establishing the foundation makes it one of the most significant private sector initiatives to strengthen the educational community in the modern history of Latvia.

Swedbank has also historically supported various educational initiatives, and with the establishment of the new foundation, this area will be empowered even more, which will help create a favourable environment for the pursuit of innovative ideas in the field of education, improve financial literacy, contribute to the creation of a knowledge-based society and competitive workplaces and the development, and drive the overall growth of the country's economy in the foreseeable future.

By bringing together experienced and strong intellectual and financial resources, the foundation will support the strengthening of existing and new initiatives in Latvian education, as well as its contribution of content to the achievement of this goal. The process of selecting the director of the foundation will also start shortly.

“The Latvian education system is currently facing major challenges, which is why Swedbank's contribution through the establishment of a new foundation should be viewed as significant in creating the conditions for driving transformational change in an area that will directly determine the country's future and development prospects. With this step, we want not only to continue our long-standing contribution to strengthening Latvia's knowledge-based society, but also to give a strong impetus to good changes in the field of education that will ensure long-term development," said Lauris Mencis, CEO of Swedbank.

In the context of the education foundation established by Swedbank, education is seen as a lifelong process, encompassing a number of important dimensions, with a particular focus on promoting financial literacy among different groups in society. The foundation will not only serve as a basis for building closer collaborative ties among stakeholders in the educational community, but will also support more inclusive, high-quality access to education across Latvia and the development of useful solutions (including the promotion of STEAM learning in the education system).

Source: Swedbank