The Vitols Fund which provides scholarships to bright Latvian youngsters has received the largest donation in its history – more than EUR 3 million, the foundation announced LETA.
Gunars Sterns, a Latvian Australian who passed away in June 2016, bequeathed to the foundation AUD 5 million which is equal to more than EUR 3 million.
The Vitols Fund said that it was the largest donation in its history and confirmed support to the foundation’s goal – to give to Latvia educated youngsters capable of building a successful future for their country.
The Vitols Fund, registered on April 4, 2002, was established by Vilis and Marta Vitols. The foundation grants own scholarships and administrates scholarships provided by other donors with the aim of helping hard-working, talented, but needy young people to study at the universities of Latvia.
According to Firmas.lv business information website, in 2017 the Vitols Fund saw its turnover drop 15 percent year-on-year to EUR 1.6 million and its profit declined 64 percent to EUR 351,522.