EU bank expands support for efficiency projects in Lithuania

Posted on 15 September 2013 by Priyanka Shrestha

Energy-saving projects in Lithuania are getting a further boost with a €40 million (£33.5m) loan from an EU bank.

It is the third agreement between the European Investment Bank (EIB) and Siauliu bank – with the aim of increasing energy efficiency of the housing sector.

Multi-apartment building administrators and owners can apply for 20-year loans with low and fixed interest rates for measures including heating, hot and cold water systems upgrades, insulation of roofs and walls as well as renewable energy sources installation such as solar panels and wind turbines.

EIB President Werner Hoyer (pictured, middle) said: “The EIB strongly promotes urban development and projects improving energy efficiency. We therefore particularly welcome this agreement with Šiaulių bankas, which will contribute not only to Lithuania’s carbon reduction targets but will also have a number of social benefits, such as improved quality of life and local job creation, notably in the construction sector.”

The EIB provided loans worth €1.24 billion (£1.04bn) between 2008 and 2012 in Lithuania. It also awarded the second installment of a €270 million (£227m) funding to a Viennese firm for energy efficiency measures.

Carbon emissions in Lithuania rose 1.7% last year, according to new provisional figures for the European Union earlier this year.

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