9 Dec 2009

NIB loan to help increase energy efficiency of buildings in Lithuania

A new loan agreement between NIB and the Republic of Lithuania will secure funds for improving the energy efficiency of buildings in the country’s public and private sectors.

The loan with a 20-year tenor totals EUR 100 million. The financing will be allocated to Lithuania’s Ministry of Finance, whose role will be to redistribute the funds to individual projects aimed at renovating and modernising public buildings and apartment houses.

The programme of upgrading public buildings is set to help save heating energy at the universities in the country’s three largest cities—Vilnius, Kaunas and Klaipeda—as well as in high schools, libraries, district courts, theatres, museums, hospitals, clinics, police stations and the offices of the national road administration. The project envisages the reconstruction and renovation of 39 buildings with a total area of 230,000 square metres.

The NIB financing will also be used for increasing the energy efficiency of more than 300 private apartment buildings with a total area of 0.9 million square metres. This part is being implemented according to the national housing strategy aimed at upgrading the engineering infrastructure of existing apartment buildings.

“This project contributes to a more efficient use of energy. It helps to reduce the need for energy and leads to a reduction in greenhouse gas emissions in Lithuania. It is a good example of an environmental investment that also supports the economy during difficult times,” says Johnny Åkerholm, NIB President and CEO.

The renovation of buildings built in Lithuania before 1992 is necessary to reduce the consumption of energy used for heating. Currently, the country uses about 40% of all energy consumed in Lithuania for heating. According to the national authorities, the building sector has the largest potential of reducing its energy needs when compared to the other sectors of the Lithuanian economy.

The Nordic Investment Bank is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/aaa, with the leading rating agencies Standard & Poor’s and Moody’s

For further information, please contact

Vilius Girkontas, Senior Manager Origination, at +358 10 618 0240,

Dimitrijs Alehins, Communications Specialist, at +358 10 618 0296,