Minister of Finance Vilius Šapoka Has Been Elected As Vice-Chairman of the EBRD Board of Governors

Date

2019 05 08

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On Wednesday, Minister of Finance Vilius Šapoka attending the annual meeting of the Board of Governors of the European Bank for Reconstruction and Development (EBRD) in Sarajevo (Bosnia and Herzegovina) has been elected as Vice-Chairman of the Board of Governors out of the representatives of more than 60 countries.

Vilius Šapoka, as Vice-Chairman of the EBRD Board of Governors, will take part in addressing relevant issues concerning the preparation of the new EBRD Strategy for 2021–2025 and will join the selection process of candidates in the EBRD Presidential elections to be held next year.

“This is a high evaluation for Lithuania demonstrating the acknowledgment of our work and competences by other countries, but also a responsibility, as an important work lies ahead of us – a new EBRD Strategy, and its preparation requires the assessment of all global challenges and emerging risks. A close and successful cooperation between Lithuania and EBRD is an example to other countries to use the funding opportunities provided by the Bank for project financing and acceleration of economic reforms”, says Minister of Finance Vilius Šapoka.  

The EBRD Board of Governors is the highest governing body of EBRD. The EBRD Governor from Lithuania is Minister of Finance Vilius Šapoka.

 

Additional information:

  • The European Bank for Reconstruction and Development (EBRD) – international financial institution established in 1991. The Bank’s membership compiles 67 countries and two international institutions – the European Commission and the European Investment Bank.
  • Each year, the Chairman and two Vice-Chairmen are elected for the period of one year (till the next annual meeting) at the annual meeting of the EBRD Board of Governors. In 2019-2020 Minister of Economy of Spain Nadia Calvino has been appointed as the Chairwoman of the EBRD Board of Governors and Minister of Finance of Romania Eugen Teodorovici has been elected as Vice-Chairman.
  • Only a governor may take the position of the Chairman or Vice-Chairman of the Board of Governors. Vice-Chairmen take part in administrative processes of the Bank in tackling relevant current issues.
  • Lithuania is a member of EBRD since 1992. The Bank made investments in 88 projects in our country. The investments total EUR 861 million. Last year ERPB invested in Lithuania a record amount of funds – EUR 141 million.
  • In Lithuania EBRD contributes to energy, transport infrastructure projects, participates in maintaining the stability of financial institutions (EBRD is the majority shareholder in AB Šiaulių Bankas), developing the capital market, also issues loans to small and medium-sized businesses.