Minister of Finance: A historic turning point in ILTE activities
The National Development Bank ILTE signed the first investment loan agreement financed from ILTE's own funds. A loan of EUR 3.4 million was granted to Tauragė District Municipality, which will complete the construction of the multifunctional Sports and Culture Complex. This is the first project to be financed under the new ILTE funding axis, where investments are made using the national development bank's own balance sheet rather than targeted funding from European Union programmes or the budget.
According to Minister of Finance Taurimas Valys, the successful transformation of ILTE into a fully-fledged national development bank allows us to respond more quickly to the needs of municipalities: "The investment in Tauragė proves that the new financing model works: less bureaucracy means faster completion of infrastructure projects of public interest".
“The role of the National Development Bank is to support the implementation of projects that create long-term economic and social value. We are pleased that the first loan from the ILTE balance sheet will contribute to an investment that will serve Tauragė community for many years, promote an active lifestyle and create added value for the whole region", Asta Gladkauskienė, Director of the ILTE Public Sector Financing Department, states.
The total value of the Sports and Culture Complex is almost EUR 21 million. The project was launched in 2023, and construction is planned to be completed in September this year. Interior finishing and landscaping work is currently underway at the site. The loan of EUR 3.4 million granted by ILTE will ensure the smooth completion of the project.
"This project is one of the largest investments in sports and cultural infrastructure in Tauragė district. The financing by ILTE will allow the completion of the construction and the opening of the complex to the population. It will be a space not only for professional sports, but also for children's activities, active leisure, cultural events and gatherings of the whole community", Gintarė Rakauskienė, Director of Tauragė District Municipality Administration, says.
The modern complex will be equipped with a universal sports and events hall for up to 2,000 spectators, which, if necessary, can be divided into two separate pitches. They will be able to organize handball, basketball, gym football, outdoor tennis and badminton trainings and competitions, as well as cultural events.The complex will also have a hall with two beach volleyball courts, training and aerobics halls, first aid and doping control rooms, press conference space, café, administrative and technical premises.
Upon completion of the project, Tauragė residents will have a modern space for sports, leisure and cultural events. The complex will host non-formal children's education activities, various sports trainings and competitions, and multifunctional spaces will allow to organize concerts, community events and other large gatherings.
To finance municipal investment projects, loans of up to EUR 100 million are provided for under the statutory exception to the rules on fiscal discipline. This financing option has attracted a great deal of interest from municipalities, with the first loan granting decisions already taken, and applications for the full amount envisaged are currently being submitted and assessed.