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Agreement with the European Investment Bank opens the door for renovation of whole blocks of apartment houses


Šiaulių bankas was the first among Lithuania’s operating commercial banks to sign yesterday a further cooperation agreement with the European Investment Bank regarding the apartment house renovation programme under the JESSICA funding scheme. This agreement foresees an additional allocation of LTL 41.4 million to the bank.

Vice-minister of Environment, Ms Daiva Matonienė, says that this important arrangement, as well as being a perfect renovation opportunity for residents of old apartment houses, facilitates speeding up of the renovation process by involving self-government. Such a loan allows modernizing houses in blocks rather than one by one. Municipalities will enjoy favourable conditions to implement integrated projects for modernisation of buildings and residential blocks and infrastructure. “We hope that Šiaulių bankas will stand as a model for other commercial banks in assuming the vital and important role of a financial intermediary,” Ms Matonienė said.

One of the key benefits to the new financing scheme is that preferential loans for housing renovation will be available not only to owners of flats or other premises, but also to managers of commonly used objects, i.e. partnerships of apartment house owners or housing management companies, public institutions and other individuals appointed by municipalities to supervise projects.

Šiaulių bankas offers extra-favourable financing conditions for renovation of apartment houses under the renewed agreement with the European Investment Bank. Loans will be available for a period of up to twenty years with fixed 3 per cent interest. No deposit or insurance coverage will be required. In addition, state aid under favourable terms with partial compensation of investments will be offered to everyone who wants to use energy resources in a smart way and to implement apartment house modernisation projects.

Information of the Ministry of Environment, phone 8~706 63660






Minister of Environment of Lithuania Kęstutis Navickas
Minister of Environment of Lithuania Kęstutis Navickas