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Published: 28 november 2012 11:12

EBRD's new strategy for Lithuania focuses on energy and finance

Elektra
BFL nuotr. / Elektra

Energy will remain the main priority for the European Bank for Reconstruction and Development in Lithuania and it will also continue to support the country's financial sector.

This is provided for in a new three-year country strategy for Lithuania approved by the EBRD board of directors, the bank has said in a press release.

"The bank will continue promoting renewable energy and energy efficiency, particularly in the municipal and industrial sectors," it said.

In recent years, the EBRD has participated in financing a new unit of the Elektrėnai power plant, and supported investments in wind farms in Lithuania through Estonia's Nelja Energia.

Other priorities set out in the strategy include improving competitiveness in the export sector, supporting the strengthening of local banks, and supporting improvements in corporate governance in the financial and public sectors, according to the press release.

The EBRD held a 19.57 percent stake in Šiaulių Bankas in late September.

The EBRD, which has been operating in Lithuania since 1991, has to date signed 78 deals worth 603 million euros in total. Around 26 percent of the bank's investments have been in the financial institutions sector, 18 percent in energy, 29 percent in industry, commerce and agribusiness, and 27 percent in infrastructure.

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