The Ministry of Finance: a pre-eminent role is envisaged for the company UAB Valstybės investicinis kapitalas in promoting capital markets and mobilising investments in the defence sector
The Ministry of Finance adopted a decision to abandon its previous intentions and not to transfer the shares of UAB Valstybės investicinis kapitalas (VIK) to the national development bank (ILTE). The final decision was to keep a separate company and to form specific tasks for the company to attract capital from institutional investors on the capital markets, channelling it towards the country’s strategic projects.
In view of the changing geopolitical and economic situation, increasing attention is being paid to the development of the national defence industry and investments ensuring security. One of the priority objectives of the 21st Government is to increase the country's defence capabilities and to effectively manage existing defence investments. After analysis and evaluation of financial activities of VIK and ILTE, it was decided that the separated activities of these two companies will allow to better exploit the potential of capital markets, to mobilise greater financial resources for the Lithuanian economy and to diversify risks.
It should be noted that VIK became the first company on the Nordic and Baltic capital markets to issue defence bonds under Nasdaq’s European defence bond framework. The company has adopted a EUR 400 million medium-term bond programme for defence projects, which has been assigned an ‘A+’ credit rating by Fitch Ratings. VIK is committed to invest EUR 71 million in the Rheinmetall plant in Lithuania. The rest can be invested in defence and security infrastructure projects.
The Ministry of Finance, acting as a shareholder of VIK, will seek to ensure all necessary risk mitigation measures for institutional investors who will acquire the company's bonds. The development of capital markets will continue to be one of the company's priority activities, and VIK is ready to contribute to the development of the defence sector by issuing new securities, investing in strategic projects and effectively managing existing financial investments.
Last updated: 29-09-2026