Lithuania: Additional support for energy efficiency in multi-apartment buildings



Šiaulių Bankas and the European Investment Bank (EIB) have agreed on additional support for the refurbishment and modernisation of multi-apartment buildings in Lithuania. Through EUR 50 million under the Jessica II fund contributed by Šiaulių Bankas, at least 4,000 apartments can be refurbished to higher energy efficiency standards.

The continued demand for energy efficiency investments in Lithuanian residential housing calls for additional resources to be attracted to the Multi-apartment Building Modernisation Programme, one of the key priorities of the government of the Republic of Lithuania with national and municipal backing. The funds committed under this agreement will support the refurbishment of old and not energy efficient multi-apartment buildings, turning them into pleasant-looking, comfortable and economical housing for the residents.

"Šiaulių Bankas has been participating in the Modernisation Programme from the very beginning, so we can clearly see what benefits it brings not only to the residents of the renovated multi-apartment buildings, who get to live more comfortably, but to the entire country as well. It also is a great incentive for the growth of small and medium businesses, especially in the construction sector," said Vytautas Sinius, Chief Executive Officer of Šiaulių Bankas.

“The partnership between Šiaulių Bankas and the EIB has been crucial in successfully meeting reduced carbon emissions objectives in Lithuania by providing many households with more energy efficient apartments,” said EIB Vice President Alexander Stubb, responsible for EIB activities in the Baltic States. “Tens of thousands of home owners already benefit from savings on their energy bills, as well as from the overall positive effects on the environment in Lithuania, which is why we are happy to stay committed on this course together with Šiaulių Bankas.”

“The cooperation between Šiaulių Bankas and the EIB in implementing the Multi-Apartment Building Modernisation Programme is one of the examples how by attracting private financing it is possible to boost limited public funds and strengthen the effect on the country’s economy. The increase of energy efficiency in the multi-apartment buildings contributes towards the development of our economy – more than half of energy used for heating can be saved, the environment is made prettier and carbon emissions are reduced. This is another step that allows using the renewable energy resources in a more rational way,” said the Minister of Environment, Mr. Kęstutis Navickas.