The Minister of Finance approved the Code of Ethics of the Member of the Supervisory Board of ILTE UAB, which ensures the highest performance standards
The Minister of Finance signed an Order Approving the Code of Ethics of the Member of the Supervisory Board of National Development Bank ILTEUAB to further strengthen and clarify the activities of the bank. The Code sets out the main operating principles and norms of conduct for the Members of the Supervisory Board of ILTEUAB (ILTE), including the Chairperson of the Supervisory Board and the Members of the Supervisory Board Committees who are not Members of the Supervisory Board.
“We continue to clarify and strengthen the activities of the National Development Bank. The Code of Ethics will ensure that the members of ILTE's independent supervisory board act honestly, responsibly and openly in accordance with the highest ethical standards. In the future, I see ILTE as one of the main instruments for promoting the country's economic growth and investing in places where commercial banks tend not to take higher risks, financing young businesses and infrastructure projects of significance to the state", Rimantas Šadžius, acting Minister of Finance, states.
This legislation contains specific provisions on the management of conflicts of interest, the performance of external activities, donations, the prevention of market abuse, the definition of confidentiality requirements, responsibilities and other provisions.
In accordance with good international practice, the compliance officer of National Development Bank ILTE is also tasked with overseeing compliance with the provisions of the Code and informing the ILTE shareholder, the Ministry of Finance, thereof.
In July, the Government approved and submitted to the Seimas for consideration the amendments to the Law on the National Development Bank (NDB), which, if adopted, will help to manage the company more efficiently and transparently. These amendments implement the recommendations of the National Audit Office and take into account publicly expressed criticisms. They provide that funding will be limited to eligible projects and that the funds will be used only for their intended purpose. It also enshrines the right of the NDB to obtain data from state information systems, which will contribute to risk management and greater transparency.
In addition, it is stipulated that all operating profits will be used to build up NDB reserves and strengthen equity, rather than to pay out dividends, thereby increasing the bank’s credit rating and sustainability.
The strengthened National Development Bank ILTE will be one of the main instruments to strengthen the country's economy by financing economically viable infrastructure projects, especially where there is a financing gap.
A range of long-term financial instruments will be set up for projects in the fields of energy, defence, transport, digitalisation, social and local infrastructure.
ILTE is planned to finance projects of strategic importance to the state for a total value of EUR 1 billion by 2030. These changes will help stimulate business development and create more favourable investment opportunities.
At the end of July, the Government also approved the proposal of the Ministry of Finance to strengthen the ILTE by increasing its authorised capital by EUR 150 million (EUR 50 million each year over three years) to EUR 350 million.
After the investment of EUR 150 million of public capital, ILTE will have to attract at least EUR 850 million from private investors.
Increasing the authorized capital and attracting private investors will be aimed at expeditiously and qualitatively financing business and public sector needs.
The changes are expected to ensure a more efficient use of public funds and reduce the administrative burden. The aim is to increase the multiplication effect of financial instruments from 1:1,2 to 1:4. This will be achieved through active cooperation with other financial institutions and borrowing on capital markets. In addition, independent risk oversight, analogous to that in other European countries, will be improved to further strengthen project management control.
100% of the shares of ILTE UAB are owned by the State of Lithuania.
Last updated: 18-09-2025
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