Brussels, 04/06/2010 (Agence Europe) - The first in a series of loan agreements for energy efficiency investments in multi-apartment buildings was signed today between the European Investment Bank (EIB), as manager of the JESSICA holding fund in Lithuania, and Ðiauliø bankas.
Under the terms of the agreement, Ðiauliø bankas will provide modernisation loans for energy efficiency for a total amount of €6 million (over LTL 20 million) to individual apartment owners. These owners can apply for 20-year loans with low and stable interest rates which must be used for energy efficiency investments, enabling considerable savings on energy bills.
The Lithuanian government's JESSICA holding fund, managed by the EIB, was established by the Ministry of Finance and the Ministry of Environment of Lithuania in June of 2009 as an effective way of deploying EU structural funds for energy efficiency investments. The initial capital committed by the Lithuanian government to the JESSICA holding fund is €227 million. This is the largest JESSICA holding fund established so far and it was also one of the first to be launched. (O.L./transl.jl)