At the Meeting with Vice-President of the EIB Alexander Stubb – Attention for Future Cooperation Perspectives

2017 09 12
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Today, the Minister of Finance had a meeting with recently appointed Vice-President of the European Investment Bank (EIB) Alexander Stubb responsible, among other tasks, for the EIB activities in the Baltic States. During the meeting they discussed the implementation of the Multi-Apartment Building Modernisation Programme JESSICA II and Risk Sharing Fund in Lithuania as well as the implementation of the European Strategic Investment Fund, a central element of the Investment Plan for Europe, the so-called Juncker Plan. The role of the EIB in implementing the EU foreign policy priorities, including the activities in the Ukraine, was also discussed.

“At the meeting with the new Vice-President of the EIB we have discussed the projects already being implemented and planned to be implemented in the future, relevant issues of the EU policy and the role of the EIB in implementing the EU priorities with special focus on the EIB investments in the Ukraine. We have also talked about the Risk Sharing Fund and the development of the Programme JESSICA II. Thanks to them, we will modernise more than fifty thousand flats and will reach significant energy saving, it will have a considerable impact on sustainable economic growth,“ stated Vilius Šapoka.

Vice-President of the EIB Alexander Stubb said: “I am glad to meet Minister Šapoka today to highlight our firm commitment: supporting investment in Lithuania. The European Investment Bank has been a partner in economic development of your country since 1994. We support investment that aims to strengthen competitiveness, reduce regional disparities and raise living standards of the Lithuanian residents. This year we continue to back the modernisation of apartment buildings and we will boost important transport projects as well as small businesses in Lithuania”. By the funds of JESSICA II Fund it is planned to modernise over 900 multi-apartment buildings. By the investments of the 2007–2013 financial period already more than 1,000 multi-apartment buildings have been modernised.

Lithuania has also obtained EFSI financing: so far the EIB has signed three EFSI operations in infrastructure for a cumulative total amount of EUR 250 million, including QUAERO European Infrastructure Fund for EUR 40 million, the construction of Vilnius Cogeneration Power Plant with Lietuvos Energija for EUR 190 million, and the investment in Baltcap Infrastructure Fund of EUR 20 million (with EUR 10 million allocated to Lithuania). Also, three agreements with banks regarding financing of small and medium business enterprises have been concluded.

Additional information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. Last year, the EIB provided loans amounting to EUR 255 million for Lithuanian projects.

The Investment Plan for Europe focuses on strengthening European investments to create jobs and growth. It does so by making smarter use of new and existing financial resources, removing obstacles to investment, and providing visibility and technical assistance to investment projects. On 14 September 2016, the Commission proposed extending EFSI by increasing its firepower and duration as well as reinforcing its strengths.

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