On 11 June, the European Investment Bank (EIB) and Lithuania agreed to set up a fund to push financing for sustainable urban development. The agreement amounts to 227 million.
The money comes from an allocation from the European Regional Development Fund (ERDF) and a budgetary contribution from the Lithuanian government, financed through an EIB loan. The fund is part of the Joint European Support for Sustainable Investment in City Areas (JESSICA, which brings together the commission and EIB).
The fund will provide financing for energy-efficiency projects in the housing sector through the Lithuanian banks, which will provide soft loans with favourable interest rates and longer maturities for owners/promoters of multi-apartment buildings.
Sources: European Investment Bank, Europolitics