10-09-2024
ILTE – Investment in the Lithuanian Economy – starts work
“Today, we can be absolutely certain that we have done what other governments have failed to do – we have consolidated the four national promotional institutions that were not efficient enough to date into one – Investment in the Lithuanian Economy, ILTE, with an arsenal of financial instruments amounting to EUR 1.4 billion of new instruments that have already reached the economy and EUR 3 billion of the new ones,” Minister of Finance Gintarė Skaistė saidin her opening speech at the Conference “Ideas: Innovation. Investment in the Lithuanian Economy”today.
"We have a huge expectation that the growing financial muscles of ILTE – the authorized capital increased to EUR 200 million and new billion-worth financial instruments - will help to attract more and more private investments to Lithuania's strategic directions, thus making better use of the potential leverage effect," G. Skaistėtold.
The Minister noted that ILTE will have a positive impact on Lithuania's economic growth, as it will provide additional financing opportunities for both small and medium-sized businesses and large businesses. It will also contribute to the development of the financial sector and capital markets to minimise future funding gaps.
“The consolidation of national promotional institutions and the increase in capital have made it possible to offer large financial instruments on competitive terms and to invest in the strategic directions of the State: industrial transformation, green energy or the defence industry. In order to further reduce the funding gap on the market, the Ministry of Finance is investing over EUR 700 million from the EU funds for 2021-2027 in the development of financial instruments. Since there is a return on these investments, we will be able to continue using the funds to achieve the strategic goals of the State and thus prepare an effective financial cushion if the EU funds for Lithuania decrease,” G. Skaistėsaid.
The two most significant examples of ILTE investments so far are thefinancial instrument for business and energy “Billion for Business”, which is open to all businesses, from small to large companies, as well as funding for companies active in the field of defence and security, to the projects of which an additional EUR 250 million is allocated.
Finally, the Minister noted that the Ministry of Finance, as the main shareholder, raises high quality standards, which include the need to further increase the availability of funding in areas where funding is insufficient, in cooperation but not in competition with financial and capital market players; to explore innovative ways of maximising the impact of public or EU funds on the economy by increasing the leverage effect of financial instruments; and to seek to attract investors, in particular international institutional players; to apply the highest standards and best international practices in risk management and further strengthen the human capital base; to be a reliable Lithuanian business partner, able to help grow not only through financial instruments, but also to provide advice and expert assistance.