Prime Minister: decision of EIB to establish a Baltic States representation in Vilnius reflects the sustainability of Lithuania's economy

Date

2020 01 16

Rating
1
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The Prime Minister  Saulius Skvernelis has met with the President of the European Investment Bank Werner Hoyer to discuss perspectives for further cooperation related to investment of EU Structural Fund resources, implementation of renovation projects and other key projects.

At the beginning of the meeting the Prime Minister emphasised good results achieved by Lithuania in recent years: low unemployment rate (6 %), steady GDP (3.7 %), income growth (approx. 10 %). In addition, the implementation of structural reforms and the fact that net migration became positive for the first time were mentioned. Lithuania joined the Organisation for Economic Co-operation and Development, the volume of foreign investments has increased. The fact that Lithuania is ranked 11 in the World Bank's Doing Business report  bears witness to this as well.

'We welcome and support the decision of EIB to establish a Baltic States representation in Vilnius. We are ready for close cooperation. We consider it not only a reflection of steadily growing economy of our country, but an impetus for closer cooperation', said the Head of the Government.
The Prime Minister stressed that Lithuania is investing heavily in innovative fields of economy – life sciences, financial technologies and remains the leader of the region in the said fields. It is envisaged to continue successful development of financial engineering instruments both by using European Union Structural Fund resources and cooperating with European financial institutions.

Saulius Skvernelis welcomed the successful partnership with EIB and mutual long-term input in financing renovation projects. Investment of 2014-2020 funds of structural support is another important are of successful cooperation. The EIB loan granted to Lithuania at favourable terms allowed to ensure more effective use of resources of EU funds and more rapid implementation of investment projects. Successful cooperation is expected when implementing the new financial perspective as well as 2021-2030 National Action Plan for energy and climate. Lithuania is planning to reduce dependence on fossil fuels, increase energy efficiency, energy security, develop internal energy market, research and promote innovations. In addition, it plans to reform the transport sector, thus contribution and expertise of EIB will be very important.

EIB was established in 1958 under the Treaty of Rome as a European Union bank providing long-term loans. Its shareholders are the EU Member States, they form the EIB capital in line with the principle that financial contribution of each Member State must be proportionate to its economic weight in EU. EIB does not use EU budget funds but finances itself by borrowing in financial markets. According to the volume of lending EIB is the largest multilateral financial institution in the world.

Lithuania became the member of EIB in 2004. At present its share in the EIB's capital is EUR 367.13 million (0.15 %).