Student living to improve

  • 2013-07-22
  • From wire reports

VILNIUS - Lithuanian institutions of higher and professional education will receive a 20 million euro loan for student dormitory renovation under the JESSICA initiative, reports ELTA. The European Investment Bank (EIB) and JESSICA have selected two companies – the Public Institution Central Project Management Agency (CPVA) and the Public Investment Development Agency Ltd. (VIPA) to manage the funds. The tripartite agreement between CPVA, VIPA and the EIB was signed on July 19.

VIPA will manage the allocation of renovation funds for Lithuanian higher and professional education institutions, while CPVA will deal with application evaluations, the conclusion of investment plans, procurement documents, and will supervise project implementation.

It is planned that these institutions will receive renovation loans for up to a 20 year period with a fixed 3 percent yearly interest rate, with a possible interest concession of 15 percent of the loan amount on the condition that the project is implemented successfully, with no less than 25 percent energy savings reached.

The loans will be allocated to renovate student dormitories built in accordance with the technical standards that were in force prior to 1993, namely Soviet era structures. The renovation under the JESSICA initiative is aimed at improving student life in dormitories and reducing energy consumption.