European Commission approves EUR 7.89bn investment programme for Lithuania

Of the total EUR 6.7 billion provided by the European Union, EUR 3.5 billion will be allocated from the European Regional Development Fund, EUR 2 billion from the Cohesion Fund, EUR 1.1 billion from the European Social Fund and EUR 31.8 million from the Youth Employment Initiative.

Prime Minister Algirdas Butkevičius says that the funds will be distributed between priority areas and most of the residents will feel the actual benefit of investment.

“I believe that the EU’s investments will significantly contribute to improving Lithuania’s economic and business competitiveness, enhancing energy efficiency and creating new jobs. Substantial attention will be devoted to the regions, hopefully, everyone will personally feel investment benefits,” said the prime minister.

2014-2020 EU investment will be directed in the first place towards innovation, research, promotion of technological development, business competitiveness, education, and employment, reduction of poverty, economic infrastructure and efficient energy consumption.

Minister of Finance Rimantas Šadžius said that Lithuania has ensured long-term EU investment that will be allocated to projects promoting economic growth and creating jobs, which is important considering the complicated geopolitical situation. The EU funds must be focused on priority areas – scientific research, innovation, development of small and medium-sized businesses, and energy efficiency. The finance minister welcomed the fact that Lithuania was among the first countries whose EU Structural and Investment Funds Programmes were approved by the European Commission. Šadžius hopes it will be a stimulus to Lithuania’s economic development and well-being.