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As the renovation effort gains steam – another financing partner


As efforts to renovate old apartment buildings and the need to finance these efforts have both increased, a new financing partner has joined the home modernization program. This partner is the Ministry of Finance’s Public Investment Development Agency. One of its primary tasks is to offer financing for apartment building renovation.

“Today we have 250 apartment buildings whose residents have agreed to their renovation according to the new model. This number will double over the coming months, so having another financing partner will help us implement energy conservation programs in our nation more quickly,” – said Vice-Minister of Environment Daiva Matonienė.

The European Investment Bank, which controls the JESSICA fund in Lithuania, signeda 34.5 million LTL loan contract with the Public Investment Development Agency for the implementation of energy conservation programs. According to this contract, apartment building renewal will be financed with conditions attractive to residents – credits will be offered for up to 20 years with fixed 3 percent interest rates and with the opportunity to delay loan payment by up to 30 months from the day of the payment of the first part of the loan. The credits will not incur any loan disbursement, contract signing, early loan return or any other loan administration-related fees.

Šiaulių Bankas has participated in the new apartment building renovation model program right from the beginning of its implementation. On the 13th of September, the European Investment Bank signed a 40 million Euro contract with the bank.

Public Information Department

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