Minister of Finance: "The financial instruments we propose are changing the future of both specific areas and the Lithuanian economy as a whole"
Minister of Finance Taurimas Valys, participating in the opening of the new research centre of the pharmaceutical group Northway, stresses that there are ambitions and businesses in Lithuania ready to invest in the country’s future, and it is the responsibility of the Ministry of Finance to create the conditions for these investments. One such example is the project “Stem Cell Research Centre”, for which the national development bank ILTE granted a loan of EUR 48 million.
“Every such investment means not only a stronger company, but also a more productive, advanced and resilient Lithuanian economy. We are convinced that the financial instrument “A Billion to Business” helps to implement projects that change not only specific companies, but also the entire structure of the Lithuanian economy – investments in more productive production, new technologies, energy resilience and a higher value-added economy”, T. Valys states.
According to the Minister, it is encouraging that the financial instrument “A Billion to Business” is timely and the total amount of the RRF Plan loan funds (almost EUR 900 million) has now been used.
"It is important that funding is channelled to areas that have a long-term impact on the competitiveness of the Lithuanian economy. Among the projects funded are biotechnology, wood and infrastructure industries, high-tech solutions, energy, defence and security industries," the Minister underlines.
“A Billion to Business” is a financial instrument designed to promote Lithuanian business investment and economic transformation by channelling investments towards the modernisation of production, the development of advanced technologies and other high value-added products.
A large and significant ongoing project “Stem Cell Research Centre” is implemented by biotechnology company Northway Biotech. The project is worth EUR 61 million to build and equip a cell therapy and personalised medicine centre. ILTE granted the project a loan of EUR 48 million, the rest being financed by the company.
The aim of the project is to develop, produce advanced cell therapy, personalised medicine and regenerative medicine technologies in the centre. The project focuses not only on the treatment of diseases, but also on the improvement of healthy life expectancy and tissue restoration solutions. This project will strengthen Lithuania's position as a centre of life sciences and biotechnology and increase the export potential of high value-added biotechnology.