Lithuania: EIB to support Vilnius’ urban investment programme

The European Investment Bank (EIB) and the Municipality of Vilnius have signed the first EUR 25 million tranche of a EUR 50 million loan facility in support of the city’s investment programme for the coming years. In particular the financing will be used for investments in urban infrastructure renewal and the construction of the Western bypass.

The investment programme of the City of Vilnius concerns several areas, including the modernisation and renovation of several educational facilities, such as kindergartens, schools and music institutes. Other items on the investment agenda are the renovation and modernisation of the recreational areas on the banks of the River Neris, including the creation of cycling paths and the construction of the Western bypass around Vilnius.

The loan agreement was signed in Vilnius today between the Mayor of Vilnius and EIB Vice President Jan Vapaavuori, who commented: “Vilnius is a growing city that has to address the changing needs of its population. As the mission of the EIB is to improve the quality of life for citizens, I think we can say that investments in education, recreation, roads and other urban infrastructure are aimed at doing exactly that.”

The Mayor of Vilnius, Remigijus Šimašius, added: “The agreement signed between Vilnius Municipality and the European Investment Bank is a big achievement for us as a city and for our residents. It shows that, over the last one-and-a-half years, we have delivered on our promise of financial responsibility, and regained the confidence of creditors. For our residents, this agreement means better roads, better public spaces and better schools and kindergartens.”

Among the urban renewal investments to be supported by this loan is also the rehabilitation of several areas of Vilnius’ historic centre. This includes the Reformatai Park and the Rasų Cemetery that belongs to the Lithuania’s cultural heritage. Further investment will go towards improving several streets, roads and sidewalks the creation and construction of multifunctional centres.