Investments of Šiaulių Bankas will contribute to successful implementation of the multi-apartment renovation (modernization) programme


The multi-apartment renovation (modernization) programme will be further successfully implemented all across Lithuania.  The multi-apartment houses are renovated due to the concentrated efforts of ministries, municipalities, other institutions and inhabitants themselves.  Moreover, the contribution of the private investors is also remarkable.

On 22 April 2016, Šiaulių Bankas signed an amendment to the cooperation agreement with the European Investment Bank and a pre-financing agreement under which Šiaulių Bankas shall additionally contribute 30 million euros to the state programme of the Multi-apartment house renovation (modernisation). The bank has already contributed 80 million euros of its own funds in total to implementation of this programme.

As of today, Šiaulių Bankas has signed 870 credit agreements under the new multi-apartment house renovation (modernization) programme, the total value of which reaches 194 million euros.  390 pending projects received additional approvals for financing (112 million euros). Šiaulių Bankas has been participated in the renovation process for more than fifteen years - housing modernization is one of the bank's priority areas.

"The multi-apartment house renovation programme allows meeting the growing need to reduce operating costs of these old multi-apartment houses and to establish  new work places engaging various enterprises  operating all over Lithuania into this process. This is how the regions are fortified.  Therefore, in order to make a significant contribution to overall economic development of the country, we are enhancing our participation and involvement through active lending to people who are willing to renovate their multi-apartment houses and contributing our own funds to the programme for the third time already.  We do believe that additional amount of 30 million euros will accelerate renovation works planned for this spring", - says Chief Executive Officer of Šiaulių Bankas Vytautas Sinius.

The cooperation of the European Investment Bank with the Lithuanian banks led to more than 1700 contractual agreements signed in 2013, the total value of which is nearly 0.5 billion euros.  Almost 900 multi-apartment renovation projects have been fully implemented. A similar scope of renovation is expected in the future as well. Nearly 800 multi-apartment renovation projects are planned to be completed this year, the total value of these projects would comprise 235 million euros.

"We are glad to know that private investors are remarkably contributing to the state programme of the multi-apartment housing renovation (modernization) too. Our further goal is to maintain the pace of renovation, to create new work places and raise the level of Lithuanian economy. I suppose we are in the right path. Significantly lower heating bills which frequently have decreased more than twice are the best evidence of it. This year we will continue focusing on renovation seeking to refurbish 800 houses more, which is by one third more than last year", - says Vice-Minister of Environment D. Matonienė.

A significant increase of the investments over the recent years allows us speaking not only on growing life standards but also about a direct impact of renovation to the country's economic processes encompassing development of the construction sector, establishment of new work places and real estate market changes.