“I am convinced that Latvia’s economy has considerable potential, but realising it requires a clear understanding and definition of promising directions for future development. The global economy is changing rapidly under the influence of technology, globalisation, migration, climate change and other factors, making it particularly important today to focus on innovation and the future. Research and education often have a decisive role in these processes; these fields must be supported, and an environment must be developed that fosters creative thinking and the generation of original ideas. I am pleased to support research at the University of Latvia and encourage other entrepreneurs to continue the tradition we have begun,” says Jeļena Buraja, Chairman of the Board / CEO of Rietumu Banka.
Under the programme, following the defence of the final research projects and on the basis of the evaluation committee’s decision, the authors of the four outstanding master’s theses each received a one-off scholarship of 3000 euro. The recipients were Daniils Prohorovs, Ilze Verpakovska and Ināra Babre, students at the UL Faculty of Economics and Social Sciences (UL FESS), and Raimonds Udačs, a student at the University of Latvia BA School of Business and Finance (UL BASBF). A scholarship of 2000 euro was awarded to UL FESS student Elīza Elizabete Helmute.
In recognition of the contribution made by the academic supervisors, each supervisor of an award-winning thesis received a 1000 euro scholarship. The scholarships were awarded to Professor Sandra Jēkabsone, Professor Irina Solovjova, Professor Natālija Cudečka-Puriņa and Associate Professor Oļegs Krasnopjorovs.
“The Rietumu Banka Scholarship is a new long-term initiative that demonstrates the business community’s commitment to promoting academic excellence and encourages young researchers to develop practical solutions that can contribute to the growth of Latvia’s economy. It is particularly significant that in addition to recognising the students’ achievements the donor also commends the work of their academic supervisors, as outstanding research is the result of close collaboration between student and supervisor. This approach is unique among scholarship programmes, as it highlights the importance of the time and effort invested by academic staff in advancement of young researchers,” says
The nominated master’s theses examine a range of issues of significance to the economy at both microeconomic and macroeconomic levels, addressing established topics such as economic growth, access to finance and lending, and, furthermore – contemporary issues including individuals’ financial behaviour, sustainable business development and healthy lifestyles.
Elīza Elizabete Helmute, a second-year master’s student in the Economics programme at the UL Faculty of Economics and Social Sciences (UL FESS), examined the financial literacy of Latvia’s population in her master’s thesis, “An Analysis of Financial Literacy among Latvia’s Population in the Context of Financial Behaviour”, focusing on saving and borrowing habits and identifying the key challenges in financial education. The thesis was supervised by UL Professor Sandra Jēkabsone.
Ilze Verpakovska, a second-year master’s student in the Economics programme at UL FESS, received a scholarship for her research “The Role of Institutions in Promoting Economic Growth in Developed and Developing Countries”. The thesis examines the impact of institutional quality on economic growth, identifying the aspects of governance and the rule of law that contribute most significantly to countries’ long-term development. The findings provide recommendations for policymakers on improving the institutional environment and promoting economic growth in Latvia. The thesis was supervised by UL Associate Professor Oļegs Krasnopjorovs.
Ināra Babre, a second-year master’s student in the Economics programme at UL FESS, examined the impact of persistently low levels of lending to the private sector and businesses following the 2008 financial crisis on the development of Latvia’s economy in her thesis “The Impact of Low Lending Levels on Latvia’s Economic Growth, 2008–2025”. The goal of the study is to quantitatively assess the impact of lending dynamics on economic growth and provide evidence-based conclusions on the role of lending in fostering Latvia’s development potential. The thesis was supervised by UL Associate Professor Oļegs Krasnopjorovs.
Raimonds Udačs, a second-year master’s student in the Business Administration programme at the UL BA School of Business and Finance (UL BASBF), in his master’s thesis “Barriers and Success Factors for Latvian SMEs in Accessing Sustainability-Oriented EU Structural and Investment Funds” focused on the opportunities available to small and medium-sized enterprises to secure European Union funding for sustainable development projects. He examined the main barriers and success factors and provides practical recommendations for improving businesses’ access to investment and strengthening their competitiveness. The thesis was supervised by UL Professor Natālija Cudečka-Puriņa.
Daniils Prohorovs, a first-year master’s student in the Financial Economics programme at UL FESS, assessed the feasibility of establishing a modern sports and active recreation centre in Olaine in his master’s thesis, “Establishment of FIT OLAINE Ltd”, exploring the development prospects of the sector and presenting a financial model for the company to assess the project’s economic viability and its potential to promote a healthy lifestyle among residents of Olaine Municipality. The thesis was supervised by UL Professor Irina Solovjova.
At the initiative of the donor, Rietumu Banka, applications for the new scholarship were opened in late 2025 with the aim of strengthening links between academia, business and society. Students enrolled in the Economics and Financial Economics programmes at the UL Faculty of Economics and Social Sciences, as well as the Financial Management, Finance and Risk Management, Innovative Entrepreneurship, International Finance and Banking, and Business Administration programmes at the UL BA School of Business and Finance, were eligible to apply for scholarships of up to 5000 euro. A total of 22 applications were received in the scholarship programme’s inaugural year.
The scholarship programme will continue to offer young researchers the opportunity to receive support for outstanding master’s theses, fostering ever closer cooperation between academia and the financial sector.
About UL Foundation
UL Foundation was established in 2005 to foster cooperation with existing and prospective patrons, as well as other partners. The foundation was created to attract funding and award scholarships to outstanding students at UL and other higher education institutions, support UL researchers and their research projects, promote the development of a modern learning environment, and contribute to the construction and renovation of the University’s facilities.
By investing in Latvia’s future, UL Foundation works to reinforce the University’s ties with society and promote the sustainable and internationally competitive development of Latvia’s academic environment.
About Rietumu Banka
Rietumu Banka is the largest bank in Latvia with local capital and one of the leading financial institutions in the Baltic region. The bank serves large and medium-sized enterprises and affluent private clients in Latvia, the Baltics, and across Europe. Its clients represent sectors such as green energy, food and goods production, commercial and residential real estate development, construction, import and export, logistics, trade, financial services, technology and others. For many years, Rietumu Banka has actively supported projects in culture, education, and science, as well as initiatives benefiting children and youth, healthcare, sports, and social development.
 have been awarded the Rietumu Banka Scholarships in recognition of outstanding master’s theses addressing topics of significance to Latvia’s economy and society. The scholarship programme was established at the initiative of Rietumu Banka to promote the contribution of academic research to Latvia’s economic development and to strengthen cooperation between higher education, business and the financial sector.){kind=link}