Prime Minister: establishment of Baltic Innovation Fund will boost region’s attractiveness
for investment

Date

2012 09 26

Rating
0

Prime Minister Andrius Kubilius took part in the signing ceremony of establishment of the Baltic Innovation Fund (BIF). The agreement was signed between the European Investment Fund (EIF) and the Lithuanian, Latvian, and Estonian financial institutions.

“Establishment of the BIF is a major step, which we have often discussed in the Baltic Council of Ministers. I am delighted that today we have made it. I trust that establishment of the BIF will make the entire region of the Baltic States even more attractive for investment”, said the Prime Minister during the signing ceremony.

The BIF has been established with a view to stimulating venture capital market development of the three Baltic States. The Fund investments will be targeted at SMEs with high growth potential operating in Lithuania, Latvia, and Estonia. The BIF will invest into innovative enterprises EUR 100 million. The EIF will contribute EUR 40 million, while the Baltic investment promotion agencies will invest EUR 20 million each.