EIB opens regional office to strengthen presence in the Baltics

Date

2020 01 16

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The European Investment Bank (EIB) Group has today officially inaugurated its regional representative office for the Baltic Region in Vilnius, Lithuania. At the inauguration ceremony in the presence of the Lithuanian Finance Minister Šapoka, the EIB’s President Hoyer and Vice-President Stubb unveiled of a commemorative plaque, officially kicking off the permanent representation in the region. The EIB Group representation to the Baltic States will be headed by Mr Marco Francini.

EIB President Werner Hoyer remarked: “The Baltic States may be small in terms of population, but their importance for European unity is big. Moreover, their standing and weight in terms of business, technology and innovation is growing stronger than ever. We are delighted to open a regional representation in Vilnius, a clear signal of the EIB Group’s intention and willingness to support Estonia, Latvia and Lithuania in the energy transition, as well as sustain their many innovative businesses, all to the benefit of the more than 6 million people who inhabit the region.”

Minister of Finance of the Republic of Lithuania Vilius Šapoka remarked: “This is a very significant step for all Baltic states towards a closer cooperation with the EIB. I am delighted that Lithuania will have more financing alternatives in strategic areas that will also contribute to the economic growth of the country. Lithuania’s cooperation with the EIB Group is presented as a good practice within the European Union and beyond, therefore we hope that through enhanced cooperation we will jointly develop innovative financial instruments in our country. At the same time, we will definitely implement many ambitious projects in green finance, FinTech and other areas."

The inauguration of the regional EIB Group office in Vilnius is part of the EIB’s policy to enhance its presence in all EU Member States. A presence on the ground will ensure market proximity, an increased operational delivery capability for the EIB and closer institutional ties with the national authorities. It will improve project identification and screening, facilitate appraisal of new operations and develop financing opportunities with the European Investment Fund (EIF).

 

 

Background 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. In 2019, the Bank made available nearly EUR 530 Million for projects in the Baltic States, whereas in the last five years (2015-2019) this figure was well over EUR 2.5 Billion. Main beneficiaries of EIB support were the energy and transport sectors, while there was also ample support for innovative companies and SMEs in general.