EU – Baltic States, Good for Business, Investments, Lithuania, Loan, Markets and Companies, Real Estate

Photo: finmin.lt

The Jessica II fund will continue the support for energy efficiency investments in Lithuania to cut energy bills in hundreds of Lithuanian multi-apartment buildings. The agreement was signed by EIB Vice-President Pim van Ballekom, Minister of Finance Rimantas Sadzius, and Minister of Environment Kestutis Treciokas.

The EUR 300 million loan for Lithuania, signed today by Minister Sadzius and EIB Vice-President van Ballekom, will support investment in the areas of communications, energy, sustainable transport infrastructure and rural development. It is the first tranche of a larger facility, totalling up to EUR 1.3 billion.

Pim van Ballekom, responsible for lending in Lithuania, said: "Both agreements signed today show the EIB's commitment to supporting Lithuania on its path to growth. The Jessica II fund will help to create new jobs and lower CO2 emissions, meanwhile allowing thousands of people to refurbish their houses and cut energy bills. The framework loan will help strengthen the competitiveness of the Lithuanian economy in many sectors, including communications, transport and rural development. Together these projects make an important contribution towards sustainable economic growth and a better quality of life for the Lithuanian people."

Finance Minister Sadzius added: "Financial instruments like the JESSICA fund allow us to achieve a multiplier effect on public funds by attracting private resources, which leads to better results and a greater impact on the economy. Having a limited amount of public funds and a much bigger package of demands for investments, leverage of private sources is a great possibility to increase the scope of public interventions. Lithuania and the EIB have developed sound mutual co-operation with regard to the management of the EIB loan for Lithuania in 2007-2013 and will continue this co-operation in the new 2014-2020 European Structural and Investment Funds programming period."

"I am pleased with the constancy of renovation which is clearly visible during last two years. 7000 people are now happier with their lower bills for heating and better living conditions. Not to forget, energy savings through the renovation of the existing building stock is one of the most attractive and low cost options to reduce the emissions of CO2 and potentially improve energy security by reducing imports of fossil fuels. In addition to the permanent benefits these renovations may bring, it will also produce a much needed stimulus to the Lithuanian economy," Minister of Environment Kestutis Treciokas said.