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  • About VIPA
    • Governance
    • VIPA Covid-19 aid
  • News
  • Services
    • Loans for solar power plat installation
    • Loans for the renewal and development of higher education and vocational training infrastructure
    • PROJECT IDEAS
    • Renovation of Multi-Apartment Buildings
    • Energy Efficiency Financing Platform
    • Energy efficiency fund
    • Municipalities Buildings Fund
    • Cultural Heritage Fund
    • Water supply and wastewater fund
    • Municipality Grants
    • Repayable assistance
  • For Investors
    • National Promotional Institution
    • TIPS Investment Platform
    • Articles & Reports
    • Governance
  • INTERNATIONAL PROJECTS
    • Three Seas Initiative Investment Fund
    • Project for the development of pricing for loans and guarantees
    • PROJECT POWERTY
    • HORIZON 2020 PROJECT TRIPLE-A
    • HORIZON 2020 PROJECT CITIZEE
    • BUILD2LC PROJECT
    • PROJECT GUARANTEE
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  • 2022 04 07

    VIPA and eeef: Sustainable Investing at Work – How it Looks in Practice

    The European Energy Efficiency Fund (eeef) presents the first podcast on sustainable investments. The host Rahul Pratap Singh, eeef Investment Manager and special guest Asta Gladkauskienė, head of the Private Clients Department at VIPA, discuss the issues of energy efficiency project implementation and financing possibilities of the investment platform ‘Promotion of Sustainable Resource Development’ (TIPS), […]

  • 2022 03 17

    Sustainable Resources Development platform – JV of VIPA and eeef- will allocate 2.4 million euros for the development of the solar plant in Lithuania

    In January 2022  a solar plant development in Grikapalis in Lithuania loan agreement was signed with UAB Solarbank. Compared to the most modern gas-fired power plant in Lithuania, this solar plant will save 1 478 tons of CO2 equivalent per year by producing the same amount of electricity, and thus contributing to avoid the effects […]

  • 2022 02 07

    New Funding Opportunities for Sustainable Energy Projects

    A new investment platform “Tvarių išteklių plėtros skatinimas” (TIPS) (English: Promoting Sustainable Resource Development) for the funding of sustainable energy projects has been launched in Lithuania. The capital of this funding platform established by UAB Viešųjų investicijų plėtros agentūra (VIPA) (English: Public Investment Development Agency) in cooperation with the investment company European Energy Efficiency Fund […]

  • 2022 01 31

    Launch of a Single National Funder to Open up a New Level of Opportunities for the Development of Lithuania’s Public and Private Sector

    On 26 January, the ministerial meeting approved the consolidation of national promotional institutions (NPI) and provided further steps towards this objective. The ministers agreed to consolidate the following currently operating national promotional institutions: UAB Investicijų ir Verslo Garantijos (INVEGA), UAB Viešųjų Investicijų Plėtros Agentūra (VIPA), UAB Valstybės Investicijų Valdymo Agentūra (VIVA), UAB Žemės Ūkio Paskolų […]

  • 2022 01 12

    VIPA 2021 Year in Review

    <!doctype html>   Dear colleagues and partners, Thank you for a wonderful year and sincere cooperation in 2021. We can rejoice over the sustainable development of VIPA all together: we have successfully implemented the already started projects and created new ones, increased the scope of funding and created added value for Lithuania and its people. […]

  • 2021 12 31

    New VIPA’s organizational structure – for long-term development of operations

    The organizational structure of UAB Viešųjų Investicijų Plėtros Agentūra (VIPA) was updated in the first half-year of 2021. VIPA’s structural changes were initiated and implemented in accordance with the project “Support for the Organizational Capacity Building to the Public Investment Development Agency of Lithuania” funded by the European Commission’s Directorate-General for Structural Reform Support. The […]

  • 2021 12 22

    The first educational institution infrastructure project funded by VIPA has been implemented – a new building at the SMK is about to open for students in Kaunas

    The opening ceremony of the new building for the Kaunas campus of the College of Social Sciences was held on 17 December. The project was funded with capital from the Public Investment Development Agency (VIPA) under the measure “Renovation and Development of Higher Education and Vocational Training Infrastructure (Buildings)”. VIPA issued a loan of EUR […]

  • 2021 11 10

    VIPA presents a new financial instrument for the development of free economic zones, industrial parks and other industrial areas

    On 10 November 2021, UAB Viešųjų Investicijų Plėtros Agentūra (Public Investment Development Agency or VIPA) and the Ministry of Economy and Innovation of the Republic of Lithuania signed an agreement on the establishment and financing of the financial incentive measure “Installation of Typical Production Buildings in Free Economic Zones, Industrial Parks and Other Industrial Territories”. […]

  • 2021 10 11

    VIPA has established an investment platform for financing sustainable projects together with the European Energy Efficiency Fund

    UAB Viešųjų Investicijų Plėtros Agentūra (VIPA) invested in the limited partnership Tvariųjų Išteklių Plėtros Skatinimas (TIPS) (English: Promoting Sustainable Resource Development) together with the European Energy Efficiency Fund (EEEF) the main purpose of which is to finance sustainable investments, contributing to the mitigation of direct consequences of climate change. The new investor EEEF has invested […]

  • 2021 09 24

    The signing of the 1000th agreement on the renovation (modernization) of multi-apartment buildings

    On 23 September 2021, the 1000th agreement on the renovation (modernization) of multi-apartment buildings was signed by VIPA and UAB Utenos Butų Ūkis. Since 2013, VIPA has been disbursing loans for renovation (modernization) of multi-apartment buildings under the programme approved by the Government of the Republic of Lithuania, the aim of which is to reduce […]

  • 2021 08 04

    The European Bank for Reconstruction and Development has supported the improvement of energy efficiency in multi-apartment residential buildings in Lithuania

    The European Bank for Reconstruction and Development (EBRD) granted to UAB Viešųjų investicijų plėtros agentūra (VIPA) a loan of EUR 67.5 million to finance projects for the improvement of energy efficiency of multi-apartment residential buildings. The received EBRD loan will be used to finance projects of renovation of multi-apartment buildings that are already being implemented […]

  • 2021 02 01

    Lithuania has joined the Three Seas Initiative Investment Fund

    UAB Viešųjų Investicijų Plėtros Agentūra (VIPA) representing the state of Lithuania on behalf of the Government of the Republic of Lithuania has committed to invest EUR 20 million in the Three Seas Initiative (hereinafter – 3SI) Investment Fund (hereinafter – 3SIIF) and became its full-fledged member. The President of the Republic of Lithuania Gitanas Nausėda […]

2022 01 31

Launch of a Single National Funder to Open up a New Level of Opportunities for the Development of Lithuania’s Public and Private Sector

On 26 January, the ministerial meeting approved the consolidation of national promotional institutions (NPI) and provided further steps towards this objective. The ministers agreed to consolidate the following currently operating national promotional institutions: UAB Investicijų ir Verslo Garantijos (INVEGA), UAB Viešųjų Investicijų Plėtros Agentūra (VIPA), UAB Valstybės Investicijų Valdymo Agentūra (VIVA), UAB Žemės Ūkio Paskolų Garantijų Fondas (ŽŪPGF) and UAB Valstybės Investicinis Kapitalas, on the basis of INVEGA, and to authorise the Ministry of Finance to represent the state as a shareholder.

So far, each of these companies has operated in narrower or broader areas focusing on different objectives and priorities. Meanwhile, the new joint formation will enable a unified and integrated approach to attracting investment resources, developing financial instruments and putting them into practice.

As General Manager of VIPA Gvidas Dargužas put it, changes are introduced with the aim to consolidate and enhance the competences of national promotional institutions and to ensure continuity of the managed funds and financial instruments. The process being launched will enable significant growth in the general flow of projects and, more importantly, will help attract more funds from markets, international financial institutions and private capital. It is a natural next step in achieving strategic state-level objectives: ensuring the volume and availability of finance in areas of national importance where market failures are evident.

The consolidated national promotional institution will be capable of pooling more funds and competencies for the areas which are important for Lithuania’s economy: for promoting sustainable funding, increasing energy efficiency, developing public and economic infrastructure and funding of public interest projects, developing the ecosystem of financial services, expanding the potential of innovation and business financing. Public and business sectors will see a greater number of, and more flexible, funding solutions that will meet their needs, and will enable them to ensure sustainable development. Consolidation of national promotional institutions will also expand opportunities for businesses to apply for funding and will serve as a means for practical application of a one-stop shop principle.

‘We are confident that cooperation with other NPIs and ministries will lead to a smooth consolidation process and a pooling of resources and competences; we will be able to finance projects of the transition period easier and we will be able to develop innovation,’ Dargužas said.

VIPA General Manager Gvidas Dargužas: photo courtesy of VIPA

Public Investment Development Agency to Bring Unique Competences to the New Formation

The Public Investment Development Agency (VIPA) provides financial services, implements and administers financial instruments related to public sector investments aimed at improvement and development of social and economic infrastructure, and develops public services and projects of public interest. The agency has accumulated competences in the areas of sustainable financing, funding of solutions designed to increase energy efficiency and developing renewable energy resources (green energy).

By the end of 2021, VIPA developed and managed 17 active special-purpose funds, instruments and initiatives which totalled more than EUR 800 million. Over 1,100 projects of different public interest areas have already been funded: modernisation of multi-apartment buildings, modernisation of central government and local government buildings, modernisation of water management infrastructure, modernisation of street lighting and educational institutions, renewal of objects of cultural heritage, and other areas of public and economic infrastructure development.

VIPA’s priority areas include increasing access to finance for productive consumers through peer-to-peer lending platforms, development of infrastructure in free economic zones (FEZs), development of sustainable transport, and increased funding for the development of educational institutions. In addition, preparations for funding the development of renewable energy resource communities and small-scale renovation are underway. Financing schemes for the modernisation of residential areas and other initiatives are being developed.

VIPA’s exclusive project is a co-investment with the European Energy Efficiency Fund in a limited partnership called Promoting the Development of Sustainable Resources (TIPS), which focuses on funding sustainable investments that contribute to the mitigation of the direct effects of climate change. TIPS has been granted a loan by the European Investment Bank in the amount of EUR 12.5 million. VIPA is the manager of this funding platform and provides funding to projects aimed at the development of solar power plants and increasing energy efficiency. It is a unique project in Lithuania, and one of the main directions in the development of sustainable finance.

VIPA’s expertise in developing and implementing financial tools has been recognised internationally: the list of the company’s partners and investors includes international organisations such as the European Energy Efficiency Fund (eeef), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Council of Europe Development Bank (CEB) and others. In 2021, it became a member of the Three Seas Initiative Investment Fund (3SIIF).

Lithuania Follows the Good Example of its Neighbours

Foreign practice shows that many countries are moving towards consolidating the management of financial instruments, either through the establishment of a single strong strategic national development bank or fund, or through the merger of different NPIs into a corporate group. One of such examples is the Latvian national promotional institution ALTUM, which offers state aid to various economic entities through the use of financial instruments.

ALTUM develops and implements state aid programmes seeking to compensate for market gaps that cannot be filled by private financial institutions. The authority has also been consolidated after the successful merger of three independent state national promotional institutions. All Latvia’s national resources are now concentrated in one integrated structure.

There are similar examples in Europe, where strategic financial resources of countries are pooled in major national bodies, e.g. Bpifrance (BPI) in France, KfW in Germany, Cassa Depositi e Prestiti (CDP) in Italy, Bank Gospodarstwa Krajowego (BGK) in Poland, Vækstfonden in Denmark, Hrvatska banka za obnovu i razvitak (HBOR) in Croatia. Experience of foreign countries shows that large national structures, which manage significant financial resources and often operate on the international scale as well, are not created in one go, but are formed in stages, through mergers and acquisitions of various smaller companies and funds.

Launch of a Single National Funder to Open up a New Level of Opportunities for the Development of Lithuania’s Public and Private Sector

On 26 January, the ministerial meeting approved the consolidation of national promotional institutions (NPI) and provided further steps towards this objective. The ministers agreed to consolidate the following currently operating national promotional institutions: UAB Investicijų ir Verslo Garantijos (INVEGA), UAB Viešųjų Investicijų Plėtros Agentūra (VIPA), UAB Valstybės Investicijų Valdymo Agentūra (VIVA), UAB Žemės Ūkio Paskolų Garantijų Fondas (ŽŪPGF) and UAB Valstybės Investicinis Kapitalas, on the basis of INVEGA, and to authorise the Ministry of Finance to represent the state as a shareholder. So far, each of these companies has operated in narrower or broader areas focusing on different objectives and priorities. Meanwhile, the new joint formation will enable a unified and integrated approach to attracting investment resources, developing financial instruments and putting them into practice. As General Manager of VIPA Gvidas Dargužas put it, changes are introduced with the aim to consolidate and enhance the competences of national promotional institutions and to ensure continuity of the managed funds and financial instruments. The process being launched will enable significant growth in the general flow of projects and, more importantly, will help attract more funds from markets, international financial institutions and private capital. It is a natural next step in achieving strategic state-level objectives: ensuring the volume and availability of finance in areas of national importance where market failures are evident. The consolidated national promotional institution will be capable of pooling more funds and competencies for the areas which are important for Lithuania’s economy: for promoting sustainable funding, increasing energy efficiency, developing public and economic infrastructure and funding of public interest projects, developing the ecosystem of financial services, expanding the potential of innovation and business financing. Public and business sectors will see a greater number of, and more flexible, funding solutions that will meet their needs, and will enable them to ensure sustainable development. Consolidation of national promotional institutions will also expand opportunities for businesses to apply for funding and will serve as a means for practical application of a one-stop shop principle. ‘We are confident that cooperation with other NPIs and ministries will lead to a smooth consolidation process and a pooling of resources and competences; we will be able to finance projects of the transition period easier and we will be able to develop innovation,’ Dargužas said.

VIPA General Manager Gvidas Dargužas: photo courtesy of VIPA

Public Investment Development Agency to Bring Unique Competences to the New Formation

The Public Investment Development Agency (VIPA) provides financial services, implements and administers financial instruments related to public sector investments aimed at improvement and development of social and economic infrastructure, and develops public services and projects of public interest. The agency has accumulated competences in the areas of sustainable financing, funding of solutions designed to increase energy efficiency and developing renewable energy resources (green energy). By the end of 2021, VIPA developed and managed 17 active special-purpose funds, instruments and initiatives which totalled more than EUR 800 million. Over 1,100 projects of different public interest areas have already been funded: modernisation of multi-apartment buildings, modernisation of central government and local government buildings, modernisation of water management infrastructure, modernisation of street lighting and educational institutions, renewal of objects of cultural heritage, and other areas of public and economic infrastructure development. VIPA’s priority areas include increasing access to finance for productive consumers through peer-to-peer lending platforms, development of infrastructure in free economic zones (FEZs), development of sustainable transport, and increased funding for the development of educational institutions. In addition, preparations for funding the development of renewable energy resource communities and small-scale renovation are underway. Financing schemes for the modernisation of residential areas and other initiatives are being developed. VIPA’s exclusive project is a co-investment with the European Energy Efficiency Fund in a limited partnership called Promoting the Development of Sustainable Resources (TIPS), which focuses on funding sustainable investments that contribute to the mitigation of the direct effects of climate change. TIPS has been granted a loan by the European Investment Bank in the amount of EUR 12.5 million. VIPA is the manager of this funding platform and provides funding to projects aimed at the development of solar power plants and increasing energy efficiency. It is a unique project in Lithuania, and one of the main directions in the development of sustainable finance. VIPA’s expertise in developing and implementing financial tools has been recognised internationally: the list of the company’s partners and investors includes international organisations such as the European Energy Efficiency Fund (eeef), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Council of Europe Development Bank (CEB) and others. In 2021, it became a member of the Three Seas Initiative Investment Fund (3SIIF).

Lithuania Follows the Good Example of its Neighbours

Foreign practice shows that many countries are moving towards consolidating the management of financial instruments, either through the establishment of a single strong strategic national development bank or fund, or through the merger of different NPIs into a corporate group. One of such examples is the Latvian national promotional institution ALTUM, which offers state aid to various economic entities through the use of financial instruments. ALTUM develops and implements state aid programmes seeking to compensate for market gaps that cannot be filled by private financial institutions. The authority has also been consolidated after the successful merger of three independent state national promotional institutions. All Latvia’s national resources are now concentrated in one integrated structure. There are similar examples in Europe, where strategic financial resources of countries are pooled in major national bodies, e.g. Bpifrance (BPI) in France, KfW in Germany, Cassa Depositi e Prestiti (CDP) in Italy, Bank Gospodarstwa Krajowego (BGK) in Poland, Vækstfonden in Denmark, Hrvatska banka za obnovu i razvitak (HBOR) in Croatia. Experience of foreign countries shows that large national structures, which manage significant financial resources and often operate on the international scale as well, are not created in one go, but are formed in stages, through mergers and acquisitions of various smaller companies and funds.

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