Important memoranda of cooperation signed in Luxembourg to strengthen ILTE's risk management with international experience
Minister of Finance Kristupas Vaitiekūnas and Chief Executive Officer of ILTE Dainius Vilčinskas signed memoranda of cooperation with the European Investment Fund (EIF) and the European Stability Mechanism (ESM) in Luxembourg today.
The signed memoranda of cooperation will ensure the participation of experts from these international financial institutions in strengthening ILTE’s risk management. It is provided for that the EIF and the ESM experts with significant international experience in risk management will be seconded to the Advisory Risk Management Committee established by the ILTE Supervisory Board, as well as the institutional structure and risk management practices of ILTE will be strengthened.
"These memoranda are an important step in strengthening ILTE. The experience of international institutions in risk management will help us to get even closer to the best European practices, increase transparency and ensure that public financial instruments are managed in a responsible and efficient manner", Minister of Finance Kristupas Vaitiekūnas stated.
The Ministry of Finance consistently implements the ILTE strengthening direction focused on good governance, professional supervision and the application of international standards. In recent years, ILTE's governance structures have been strengthened in a targeted manner, competences in the areas of risk, compliance and strategic planning have been expanded, and partnerships with international financial institutions have been actively sought. These memoranda are another result of consistent work, ensuring that ILTE’s activities are sustainable, reliable and oriented towards the long-term development of the Lithuanian economy.
“ILTE is currently in a phase of active transformation into a national development bank. Partnerships with solid institutions such as the EIF and the ESM will enable us not only to take over many years of experience from international organisations, but also to systematically strengthen risk management, ensuring the sustainability of ILTE decisions and their long-term value to the Lithuanian economy”, Dainius Vilčinskas, Chief Executive Officer of ILTE, noted.
The signed memoranda confirm Lithuania's ambition to integrate into the European network of financial institutions and ensure that ILTE activities are based on the highest standards of professionalism and responsibility.
The European Investment Fund (EIF) is a financial institution of the European Union, part of the European Investment Bank Group, the main mission of which is to support small and medium-sized businesses, innovation and economic growth in Europe. The EIF operates through guarantees, investments and expertise, in close cooperation with national development banks and other partners across the EU.
The European Stability Mechanism (ESM) is an intergovernmental organisation that brings together all euro area countries and provides financial assistance to countries facing financing difficulties. Bulgaria, which became the 21st member of the euro area as of 1 January this year, is expected to join the ESM soon.
Last updated: 22-01-2026
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