Prime Minister: cooperation between EBRD and Lithuania will grow stronger in the future


2018 07 05


Prime Minister Saulius Skvernelis has met with President of the European Bank for Reconstruction and Development (EBRD) Sir Suma Chakrabarti and has discussed EBRD’s strategic investment directions in Lithuania and the new architecture of the European financial system.  

The Prime Minister has presented to the President of the EBRD the microeconomic situation in Lithuania: the average gross wages (before deduction of taxes) have reached EUR 900 in Lithuania, which is higher by 8.6 per cent compared to the previous year, while  the GDP growth rates were among the highest in the EU, 3.9 per cent in 2017. The country’s progress has been clearly recognized in the international context: Lithuania has officially become an associated member of the European Organization for Nuclear Research (CERN) and joined the Organisation for Economic Co-operation and Development (OECD). 

Structural reforms have been started in the fields of taxes, pensions, education, health, innovations and reduction of the shadow economy. The citizens will clearly feel the benefit of reforms in 2019 already, and this benefit will only grow in the future.

‘We welcome the EBRD’s decision to finance the highly important priority areas in Lithuania, i. e. enhancing energy security, improving efficient consumption of energy and encouraging innovations in private business. We are delighted that the EBRD 2018 annual meeting has honoured Lithuania with a Gold Award in the Environmental and Social Innovation category for the apartment building refurbishing project. Therefore I trust that the cooperation between Lithuania and the EBRD will only grow stronger in the future’, said the Prime Minister. 
A EUR 50 million loan, received from the EBRD in 2017, has been successfully invested: 140 apartment buildings will be renovated and living conditions improved for more than 6000 residents throughout Lithuania.

The European Bank for Reconstruction and Development was founded in 1991. The EBRD is an international financial institution that encourages transition from open to market-oriented economies. It supports private and business initiatives in various countries from Central Europe to Central Asia.