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Lithuania’s Government okays proposal to set up Public Investment Development Agency

Tomo Urbelionio/BFL nuotr. / Litai
Šaltinis: BNS

The Lithuanian government okayed a proposal to set up a Public Investment Development Agency which would take over the administration of functions of the JESSICA fund, which controls the resources earmarked for the renovation of multi-family buildings, from the European Investment Bank (EIB).

“The logic is clear enough, the experience, which we have gained until now, shows that such an authority is necessary. We have ... made many changes, which make it possible now to implement the renovation program at a much faster rate,” acting prime minister Andrius Kubilius told reporters after the government’s meeting.

The Finance Ministry hopes that the new agency will make it possible to allocate funding in an effective, rational, and timely manner.

In line with the agreement on the establishment of JESSICA vehicle, which was signed by the EIB, the Environment Ministry and the Finance Ministry on 11 June 2009, the EIB will administer the fund during a three-year period and later these functions will have to be taken over by a Lithuanian institution.

The new agency would be able to both take over the management of the funds earmarked for 2007-2013 and to gain the experience required for the creation of a national fund during the EU’s structural aid programming period of 2014-2020.

The state would invest 350,000 litas (EUR 101,449) in the new company, which would be controlled by the Finance Ministry.

JESSICA, a special 227-million-euro vehicle managed by the EIB, controls and manages the funds earmarked for renovation, which are being distributed by three banks, including Siauliu Bankas, SEB Bankas and Swedbank. Some 149 million euros have been transferred to the holding fund so far. Of this amount, 28 million euros were transferred to the abovementioned intermediary banks.

The outgoing government failed to get the housing renovation program going at a faster rate. Households still avoid borrowing from banks although the state provides partial support to the renovation projects (of some 30 percent).

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