Vice-Minister of Finance: "A developed capital market is the key to the competitiveness of the Lithuanian economy"
At the "Economic Forum of the Year", Vice-Minister of Finance Vaida Česnulevičiūtė-Markevičienė noted that today, in such an uncertain period, it is necessary to act together, for this, the Ministry of Finance consolidated four companies and created a national promotional institution (NPI), which became a reliable business partner. A year ago, all four NPI institutions had about 70 financial instruments worth about EUR 4 billion, currently the consolidated NPI manages 93 instruments for EUR 4.5 billion.
"The Ministry of Finance, together with other institutions, promotes the stable and competitive development of the Lithuanian capital market, attracting more new investors, expanding new financial instruments, increasing their attractiveness to investors, thus aiming to respond to market needs. Over the past few years, significant positive changes have been taking place in the Lithuanian capital market. At the same time, this is an important impetus for the further development of the capital market culture in Lithuania," the Vice-Minister of Finance noted.
According to V. Česnulevičiūtė-Markevičienė, to improve access to capital for Lithuanian companies, the Ministry of Finance consolidated four companies and created a national promotional institution (NPI) UAB “Investicijų ir verslo garantijos“ ("Investments and business guarantees") (INVEGA), which helps Lithuanian businesses and provides not only the necessary information, but is also a reliable business partner.
The Consolidated Fund provides conditions for mobilizing various funding sources for financing important areas of the Lithuanian economy – entrepreneurship promotion and development, innovation, renewable energy sources, energy efficiency and others. Also, INVEGA carries out the development of green finance, contributes to the ecosystem of financial services and technologies, and develops an effective partnership between the state and the private sector.
"A year ago, it was estimated that all four NPI institutions had about 70 financial instruments worth about EUR 4 billion, now the consolidated NPI manages 93 instruments for EUR 4.5 billion," the Vice-Minister added.
In addition, according to V. Česnulevičiūtė-Markevičienė, Lithuania is taking regional leadership in the field of green finance and aims to be the first in the Baltic States to create such a form of cooperation between the public sector and private investors that would allow attracting a significant amount of funds for sustainable, green projects. Therefore, it is important that the Green Finance Institute became a strategic partner of this transformation, which ensures the entire activity of the green finance ecosystem and operates within the internal structure of INVEGA.
According to the Vice-Minister, the one-year-old Capital Market Council, which was established on the initiative of the Ministry of Finance and the Bank of Lithuania, plays an important role in promoting the capital market. The Council's activities help businesses to raise funds, and residents to increase their financial literacy, invest in Government savings notes and receive guaranteed returns.
Last updated: 25-04-2024
Related news:
S&P Global Ratings confirmed Lithuania’s credit rating
Defence bonds were distributed for EUR 80.5 million across recent issues