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International Internet Magazine. Baltic States news & analytics Saturday, 06.06.2020, 22:40

Lithuania to invest EUR 6.3 b in its economy in a year and a half

BC, Vilnius, 19.05.2020.Print version
The Lithuanian government intends to invest 6.3 billion euros in the post-coronavirus economy by the end of 2021, 1.8 billion euros more than planned earlier, Finance Minister Vilius Sapoka said LETA/BNS.

"We plan to invest a total of 6.3 bn euros in the next year and a half, starting from July 1 this year," he told a news conference. "This is 1.8 mln euros in addition to the earlier planned investments of 4.5 bn euros." 

The minister said the extra funding would come both from the national budget and EU funds. 

"It is important to look at what return this will bring to Lithuania. One invested euro of the 6.3 billion euros will bring a return of almost two euros, "he added.

Prime Minister Saulius Skvernelis expects these investments to help the economy to recover and give it a fresh impetus. 

"The year-and-a-half plan, which complements our short-term measures, should help us recover and realize the potential that has emerged in this crisis," he told reporters on Tuesday, adding that "the potential is clearly visible and opportunities are great".

According to Skvernelis, the plan is mostly focused on developing high value-added technologies and increasing human potential.

The new plan, entitled "The DNA of the Future Economy", provides for investments in economic infrastructure, including 47 million euros in relaunching international flights and developing airports, 86 mln euros in free economic zones and industrial parks, 29 lmn euros in Vilnius Sports Palace, and 164 mln euros in the seaport of Klaipeda Seaport, shipping, Via Baltica, railways and other projects. 

For example, the plan earmarks 82 mln euros for investments in the Horizon Europe program, 212.5 mln euros in COVID-19 products, start-up acceleration and research, 87 mln euros for energy efficiency in buildings, and 214 mln euros for renewable energy sources. 

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