On 27 June 2017, Public Investment Development Agency (VIPA) signed a tripartite agreement with the Ministry of Finance of the Republic of Lithuania Lithuania and the Ministry of Environment of the Republic of Lithuania. The agreement established the Municipal Buildings Fund (MBF). The fund has been set up with 17.27 million EUR from the European Regional Development Fund

On 18 May 2018, a financial instrument implementation agreement (hereinafter-the agreement) was signed together with a selected financial instrument manager Šiaulių Bankas. On the basis of the agreement, Šiaulų Bankas will additionally contribute 20 million EUR of their funds and will lend the MBF to applicants. The total amount of loans to be granted to municipalities or their authorised entities will amount to 37.27 million EUR.

Loans are provided for modernization (renewal) of municipal public buildings to promote energy efficiency improvement. The administration and lending of these soft loans is carried out by the Šiaulų Bankas. From 15 October 2018 the Šiaulų Bankas has published a call for proposals.