The Lithuanian government and the European Investment Bank (EIB) are joining forces in a 100 million euro initiative to renovate more than 700 apartment buildings in the country. The accord aims to mobilise up to €625 million to refurbish multi-apartment buildings in numerous cities, including the capital, Vilnius.
“The fund under this new agreement will provide preferential loans to renovate approximately 700 apartment buildings, reducing energy consumption and contributing to the successful implementation of the Green Deal and the Renovation Wave in Lithuania,” said the Minister of Environment, Simonas Gentvilas.
“Not only in Lithuania but everywhere in Europe, access to affordable and sustainable housing is a top priority for the EIB Group,” said EIB Vice-President Thomas Östros. “This initiative reinforces our commitment in Lithuania to improving living standards and energy efficiency.”
Under the current agreement with the Lithuanian Ministries of Finance and Environment, the EIB will manage the 100 million euros sum being provided by the European Union. The initiative supports the EU’s goal for greater energy efficiency in housing and will lead to lower energy bills for households and fewer greenhouse gas emissions from buildings.
The EIB, as a fund manager, has financed the renovation of thousands of buildings in Lithuania. Over 3,300 buildings housing 83,000 households have been renovated under EIB mandates, with almost 1.4 billion euros in investments.