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EIB to further support major investment projects in Lithuania

Xinhua, May 8, 2015 Adjust font size:

Lithuanian government and European Investment Bank (EIB) signed an agreement on the first tranche of 1.3 billion euro loan facility on Thursday.

The development marks closer partnership between the country and the lender.

The first tranche of the facility amounting to 300 million euros will be redirected to support investment in the areas of communications, energy, sustainable transport infrastructure and rural development, the government and EIB said in a joint statement.

Moreover, the bank and the government signed an agreement on establishing the 150 million euro Jessica II fund which will continue the support for energy efficiency investments in Lithuania.

"Both agreements signed today show the EIB's commitment to support Lithuania on its path to growth," said Pim van Ballekom, EIB Vice-President, after signing the documents together with Lithuanian Minister of Finance Rimantas Sadzius and Minister of Environment Kestutis Treciokas.

"Together these projects make an important contribution towards sustainable economic growth and a better quality of life for the Lithuanian people," van Ballekom added.

Jessica II fund is aimed at modernisation of multi-apartment residential buildings across Lithuania.

"Financial instruments like the Jessica fund allow us to achieve a multiplier effect on public funds by attracting private resources, which leads to better results and a greater impact on the economy," Sadzius noted.

"I am pleased with the constancy of renovation which is clearly visible during last two years," Treciokas, Minister of Environment, added.

The EIB is the long-term lending institution of the European Union owned by its member states.

In 2014, the EIB provided loans in Lithuania totalling over 80 million euros with small- and medium- sized enterprises and energy sector being the major beneficiaries. Endit