OREANDA-NEWS. December 01, 2014. The bank’s management Ernests Bernis and Olegs Fils together with the patrons Boris and Inara Teterev and Minister for Culture Dace Melbarde met President of Latvia Andris Berzins to discuss the realisation of the construction of Latvia’s Contemporary Art Museum, preparation works of Latvia’s centenary celebration, planned works and successful cooperation among the Ministry of Culture of the Republic of Latvia, ABLV Charitable Foundation and Boris and Inara Teterev Charity Foundation.

At the reception, President Andris Berzins expressed his gratitude to the members of the Council of the Latvian Contemporary Art Museum Foundation for their significant contribution to Latvian art and culture and his hope that other entrepreneurs will follow the best example of Ernests Bernis, Olegs Fils, Boris and Inara Teterev to support projects of federal significance.

As announced earlier, on 30 October 2014 at the official ceremony, the members of the Council of the Latvian Contemporary Art Museum Foundation, Minister for Culture of the Republic of Latvia Dace Melbarde signed the Protocol of Intent on construction of Latvia’s Contemporary Art Museum.

Until 18 November 2021, the Latvian Contemporary Art Museum Foundation, founded by ABLV Charitable Foundation and Boris and Inara Teterev Charity Foundation, using raised from individuals and public organizations funds, will accomplish the construction of Latvia’s Contemporary Art Museum, as well as maintain the work of the museum, ensuring its management and development, including the formation of the collection, its maintenance and growth. The museum will be open to public. The founders of the foundation will ensure necessary financing of the construction amounting EUR 30 million.

The Protocol of Intent was signed following long-term successful cooperation among the Ministry of Culture, ABLV Charitable Foundation and Boris and Inara Teterev Charity Foundation, acting as valuable patrons of Latvian contemporary art, and ABLV Bank, acting as a supporter of the formation of the collection of Latvia’s Contemporary Art Museum, based upon the cooperation agreement dated 23 September 2005. Since 2005 ABLV Bank has been actively creating the Latvian Contemporary Art collection.